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Consumer' Income - Coursework Example

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1. Graph a demand curve.  2. State the law of demand.  The law of demand states that keeping all other factors constant, an increase in the price of goods decreases the quantity demanded. Similarly, as the price of good decreases the quantity demanded increases (Wessels, 2006)…
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Consumer Income
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Consumer' Income

Download file to see previous pages... When the price of the orange is $30, consumers are willing and able to buy 30,000 oranges. As the price of the orange decrease to $10 the quantity demanded increases to 60,000 oranges which are due to the fact that more consumers will be willing to buy that orange. For a linear curve decrease in price is directly proportional to increase in quantity demanded. 7. List the determinants of demand. (6 total)  The determinants of demand curve are as follows: a) The consumer’s income b) The price of related goods c) Advertisement d) Consumer price expectation e) Number of consumers in the market f) Taste and preference of consumers 8. Next to each determinant in your list give a real world example of it.  Along a demand curve the factors, other than price of the good, are held constant. When these factors change the demand curve shifts either outwards or inwards which means that either more or less is demanded at a certain price. An explanation of these factors is given below: 1- The consumer’s income: the effect that income has on the amount of a product that consumers are willing and able to buy depends on the type of good. For most goods, there is positive (direct) relationship between a consumer’s income and the amount of the good that one is willing to buy (Campbell R. McConnell, 2007). The demand for a product will shift outward when the consumer’s income rises. We call these types of goods as normal goods. For example, the demand for branded clothes increases with the income level. However; for some goods the relationship is opposite between income and your demand for a product. These goods are called inferior goods. There demand decreases as income increases. For example, income level increase will cut the demand for second hand cars. 2- The price of related goods: A common example could be of bagels and cream cheese. We call these types of goods complements. If the price of a bagel goes up, the law of demand tells us that one will buy fewer bagels. Moreover, as use of cream cheese is complimentary to bagels, the demand for cream cheese will also fall. When two goods are complementary, there is an inverse relationship between the price of one good and the demand for the other good. On the other hand, some goods are considered to be substitutes for one another. This means that they can be used as an alternate to each other. Either of them would be deferred for the other. For example, Coke and Pepsi are used as substitutes for each other. If price of Coke increase, the demand for Pepsi will increase and if the price of Coke decreases the demand of Pepsi will decrease. This portrays a positive relationship between the price of one good and the demand for the other good. 3- The tastes and preference of consumers: It is a less tangible item that can have a big impact on demand. There are certain things that can change one’s taste or preferences which ultimately causes people to buy more or less of a product. For instance, a person may have a higher demand for an umbrella on a rainy day than on a sunny day. Another example of it would be endorsements by celebrities. If a celebrity endorses a new product, this may increase the demand for a product. This will change the preference of a consumer and will result in an increase in demand. On the other hand, if a new health study comes out indicating that meat is bad for your health, this may decrease the demand ...Download file to see next pagesRead More
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