Can you think of a case where non-economic determinants (i.e., factors other than commodity prices and...
- Can you think of a case where non-economic determinants (i.e., factors other than commodity prices and the consumer’s income) can have a major impact producing changes in consumer demand for a commodity? Given an example. Please type it, thanks!
Homework Answers
Yes, the taste of the consumer and prefernce, the price of the related goods i.e. the complementary goods or the substitute goods.
if the consumer have a taste and preference for the good, then no matter how much the price change the demand will not change much and if the price of the complement change it will change the demand and price of the good too. for example, when the price of oil increase the demand for the cars fall.
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Can you think of a case where non-economic determinants (i.e.,
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