Determinants of Demand

Question

14 May 2025

Answer :

Word Count : 287

Demand refers to the quantity of a product or service that consumers are willing and able to purchase at various prices during a given period. The determinants of demand are factors that influence consumers' desire and ability to buy goods and services.

The most important determinant is the price of the product itself. Generally, there is an inverse relationship between price and quantity demanded; when price falls, demand increases, and when _______ _______ _______ ________ _____ ________ _______ ______ ___ _________ ____.
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Price (P)	Quantity (Q)	Point Price Elasticity
100	0
90	30
80	60
70	90
60	120
50	150