Answer to Question #168661 in Microeconomics for IQA

Question

what are the main underlying determinants of demand for the following

(a) Holidays in Scotland

(b) A daily newspaper

(c) Healthcare

Answer 1

Solution:

a.). Holidays in Scotland:

The main underlying determinants of demand for Holidays in Scotland include the following:

· People's level of income.

·        Tastes and preferences of consumers.

·        Holiday costs.

·        Level of competition.

·        Distribution of people’s wealth.

·        Vacation entitlements.

·        Government policy and regulation.

b.). A daily newspaper:

The main underlying determinants of demand for a daily newspaper include the following:

· Buyer's level of income.

·        Price of newspapers.

·        Price of other related newspapers.

·        Level of content in the newspapers.

c.). Healthcare:

The main underlying determinants of demand for healthcare include the following:

·        People’s level of income.

·        Cost of healthcare.

·        Quality of healthcare provided.

·        Insurance coverage.

·        Level of education.