Determinants of demand and the demand curve
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What are the determinants of demand and what happens to the demand curve when each of these determinants change? What is the difference between a change in demand and a change in the quantity demanded?
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Solution Summary
This solution highlights the determinants of demand and what happens to the demand curve when each of these determinants change. It also discusses the differences between a change in demand and a change in the quantity demanded
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There are five determinants of demand namely:
1. Change in consumer tastes
2. Change in number of Buyers
3. Change in consumer income (Are they buying normal goods, inferior goods)
4. Change in price of ...
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- MBA, Aspen University
- Bachelor of Science , Berea College
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