Demand

various amounts of a good or service that consumers are willing and can by at various prices in a given period of time

1 income

2 population

3 seasonal factors

4 tastes and fashion

5 change in the price of substitutes

6 change in the price of complements

7 advertising

8 government influences

9 distribution of income

>1-elastic,price up revenue down<1-inelastic-price up, revenue up=1-unit el

=0-perfectly in

=oo-perfectly el

1 avail. of substitutes&complements

2 proportion of income spent

3 time period

4 number of substitute uses

5 type of product(lux

6 How closely defined-oil, esso

7 Durability

8 Addiction

9 Economic and human constraints

1. Comparative statics (eq. is dynamic in reality)

2. Ceteris paribus

3. Multiple correlation (D=f(P,Y..)

4. Exogenous(weather, unaffected by demand change, war, inflation)& endogenous(price) variables. Select the significant