Answer:
The determinants of demand are:
Income
Price of related goods
A good's own price
Tastes and preferences
Number of consumers
Explanation:
The following are the determinants of demand:
1. Income - Income is a very important determinant of determine. Other things remaining equal, am increase in income will lead to an increase in demand.
2. Price of related goods - price lf related goods like substitute goods or complementary goods affect the demand of a product
3. A good's own price - This is very important too. The higher the price, the lower the quantity demanded and vice-versa
4. Tastes and preferences - Consumers might change taste and preference any time. Demand shifts to the right if customers like a product.
5. Number of consumers - Number of consumers affect demand. Goods are consumed more where the population is higher.
