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Change in consumer Taste/preference:Any change in consumer taste or preference causes demand to change. Increased taste or preference for a particular good causes demand to increase whilst declining taste or preference causes demand to fall, ceteris paribus. Taste or preference for goods and services are influenced by advertisement, fashion and sales promotions. Change in consumer expectationsThe decision to buy a commodity today is influenced by the expected future price of the commodity and expected change in consumer income. If a consumer anticipates the price of a commodity to increase in future, today’s demand for the commodity will increase but if the consumer anticipates a fall in future price, then today’s demand for the commodity will fall.Similarly, an expected consumer income increase may cause demand for a normal commodity to increase and vice versa.
Ask qExplain why each of the following factors may influence the own price elasticity of demand for a commodity. (i) Consumer preferences, that is, whether consumers regard the com
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What are the major differences between the equilibrium of profit maximiser and sales revenue maximiser?
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So there''s an article about how a company wants to expand its services overseas to another country. I don''t get what will happen to the supply and demand curve. There has to be
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The government decides to implement a new economic stimulus package targeted at American Farmers. The stimulus package gives every household a $300 prepaid credit card that may on
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