Question

“Determinant of demand are the important factor which influences the decision of the
consumers to purchase commodity or a service”
With respect to the above statement discuss any 5 determinants of the individual demand.

Answer 1

The five determinants of the individual demand are:

1. The price of the good or service.
2. Income of buyers.
3. Prices of related goods or services.
4. Tastes or preferences of consumers.
5. Expectations.