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Demand is defined in Economics as the ability and the willingness of consumers’ to consume or purchase a give good or an item. The determinants of demand explain the demand for a good. These are the factors, which cause fluctuations in the product’s or service’s economic demand. Students pursuing Economics are often given assignments to write on this topic. Many students face difficulties and therefore they look for reliable Determinants of Demand assignment help from BookMyEssay.

What are the Determinants of Demand?

The determinants of demand for goods and services are the factors that decide the quantity demanded for a commodity. The determinants of demand explain the demand for a good. When the price of a good is increased, there will be a decrease in the quantity demanded by consumers. A decrease in selling price or cost of goods shall result in an increase in the demand for the number of goods.

It specifies there is an inverse relationship between the quantity demanded and the price of the goods. It is known as the law of demand and this law of demand can be represented graphically by a downward slope. We, at BookMyEssay have hired excellent economics assignment tutors who can offer you the best assignment solution on Determinants of demand related topics and can help you secure top grades.

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Determinants of Demand

The important determinants of demand are explained our Determinants of Demand homework help online as follows:

1. Price of a product

People consider price as a factor in making decisions when all other factors stay equal or constant. As per the law of demand, an increase in demand results in price reduction and a decrease in demand results in a price increase.

The demand schedule and the demand curve help to determine the demand for a quantity at a price level. In an elastic demand, there is a change in quantity followed by a change in price. In an inelastic demand, when there is a change in price, the volume remains the same.

2. Income of consumers

Increase in income results in an increase in the number of goods. Likewise, a reduction in income is followed by reduced consumption levels. The relation between demand and income is not linear. Marginal utility decides the changed proportion at a demand level.

3. Prices of related services or goods

Complementary goods

In complementary products, an increase in the product’s price will result in a reduction in the quantity demanded of another product. For example, an increase in the price of bread shall result in the demand for butter. It happens because the products are complementary.

Substitute goods

An increase in a product’s price will result in the increase in the demand for a substitute product. For instance, an increase in the price of tea will enhance the demand for coffee.

  • Consumer expectations: Expectations of an increase in the prices of products or a higher income shall lead to an increase in the quantity demanded. Expectations of reduction in prices of products or reduced income shall reduce the quantity demanded.
  • Buyers in the market: The number of buyers in the market has a significant effect on the net or total demand. As the number of buyers increases, the demand increases. This holds true regardless of the changes in the price of products.
  • Government policy: It is a major determinant factor. If the tax rate of a product is high, the product will have a high price. This will decrease the demand for a product. Credit policies affect the demand for products, if adequate credit is available then this will increase the demand for goods.
  • Climatic conditions: Climatic conditions impact the demand for goods. Coffee and tea are preferred in winters while the demand for cold drinks and ice-creams increases in summers.

All the determinants of demand are discussed in detail when you ask, "can you write my assignment for me on Determinants of Demand?"

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