Question

In a certain market, the demand for peach was given as QD = 400 -3P, the first

day of marketing in 2020, in August 2020, the demand for peach is now given

as QD = 200 -3P. From the statement above tell in one sentence the change in

demand; what did you consider as the indicator? Write down any five factors

responsible for the change in demand. Support your answers by sketching the

equations above on the same graph. 

Answer 1

$\Delta Q_D=(200-3P)-(400-2P)=-200$; Demand dropped by 200.

5 factors responsible for the change in demand

• Advertisement
• income of the consumer
• price of the related goods
• consumers tastes and preferences
• Credit availability.