samitecno4 samitecno4

03-01-2021
Business

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1 What are the central problems of an economy? Discuss them in detail.
2) How does the word demand differ from need, want and desire?
3) What are the main determinants of market demand?
4) Explain the law of demand and supply.
5) Find out equilibrium price and output for the following market condition.
Demand function Qd=50-2P and
Supply function Qs = 3P

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evansakello2030 evansakello2030

03-01-2021

Answer:

DETERMINANTS OF MARKET DEMAND

Levels of income. A key determinant of demand is the level of income evident in the appropriate country or region under analysis.

Population. Population is of course a key determinant of demand.

End market indicators. ...

Availability and price of substitute goods.

Tastes and preferences.

Explanation:

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