Explain the variables of demand

Dear student, The demand of the commodity depends upon the various elements and variables that are given below :- (a) Own price of the good - It is the main factor which affects demand of a commodity. Generally there is inverse relationship between price and demand. (b) Income of the consumer - It also affects demand of the commodity, if income of the consumer rises then demand of normal goods also rises. But, the demand of inferior goods falls or vice-a-versa. (c) Climat Change - Condition of a place determines the demand of the commodity. In summer weather, demand of cold drinks rises and in Winter weather, demand for woollen clothes arises, etc,. (d) Taste and Preferences- Taste, Preferences and fashion also determine the demand of commodity. Those goods which are in the fashion will be demanded more. (e) Price of Related goods - The price of related goods, such as Substitute goods(can be used in place of each other such as, Pepsi and coca cola, Coffee and tea) and Complimentary goods(used jointly or together such as, pair of shoes, pen and ink, phone and charger, car and petrol) also affect the demand of particular commodity. Regards

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