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Law of demand and demand curve. Non-price factors affecting the change in demand. Factors affecting demand.
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Demand (D): The relationship between the price of an item and the quantity buy
ers are willing and the able to purchase.
Law of demand: The lower the price of an item, the greater is the quantity demanded, other things (non-price determinants) being equal.
Demand curve: A graph of the relationship between price and quantity demanded. The negative (downward) slope of the demand curve illustrates the law of demand.
Change in demand: A change in the relationship between the price of an item and the quantity demanded caused by a change in something other than the price of an item (non-price determinants changes).
Non-price determinants:
- average income of buyers (I);
- population (the size of the market) - only for market demand;
- prices of related goods - substitutes (Ps) and complements (Pc);
- tastes or preferences (T);
- expectations of changes in future prices (E);
- special influences.
Let's present demand for the goods (for example to a writing-book) in the form of a scale
| The price for 1 writing-book (P), tenge | Size of demand for writing-books a week (QD), pieces |
The increase in demand is displayed on the schedule in the form of moving a demand curve to the right (in our case from D 2 D¢), and accordingly reduction in demand in the form of moving a curve - to the left (from D 2 D¢ ¢).
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