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Factors Affecting Price Elasticity Of Demand Demand Class 11
>> YOUR LINK HERE: ___ http://youtube.com/watch?v=ZlCzdJ0kCho
The following factors affect demand: • 1. _Price_: The most significant factor, as demand typically decreases with a price increase. • 2. _Income_: Changes in consumer income impact demand, with higher income leading to increased demand. • 3. _Consumer preferences_: Shifts in consumer tastes and preferences affect demand. • 4. _Prices of related goods_: Substitutes and complements influence demand. • 5. _Population and demographics_: Changes in population size and demographics impact demand. • 6. _Advertising and marketing_: Effective advertising can increase demand. • 7. _Seasonality and trends_: Demand can be influenced by seasonal factors and trends. • 8. _Consumer expectations_: Expectations about future price changes or availability affect demand. • 9. _Social and cultural factors_: Social status, cultural norms, and peer influence impact demand. • 10. _Economic conditions_: Economic growth, recession, or uncertainty affect demand. • 11. _Government policies and regulations_: Taxes, subsidies, and regulations can influence demand. • 12. _Technology and innovation_: New technologies or products can create new demand or replace existing ones. • 13. _Weather and natural disasters_: Extreme weather or natural disasters can impact demand for certain goods. • 14. _Global events and trade_: Global events, trade agreements, and tariffs can affect demand. • These factors interact and influence each other, making demand a complex and dynamic concept.Factors affecting price elasticity of demand is discussed in this video lecture for class 11 students. • The price elasticity of demand is affected by several factors, including: • 1. _Availability of substitutes_: If close substitutes are available, demand is more elastic. • 2. _Necessity of the good_: Essential goods have less elastic demand. • 3. _Proportion of income spent_: Goods that consume a large portion of income have more elastic demand. • 4. _Time period_: Demand tends to be more elastic in the long run. • 5. _Consumer preferences_: Demand is more elastic if consumers are sensitive to price changes. • 6. _Income level_: Demand is more elastic for luxury goods and less elastic for necessities. • 7. _Price level_: Demand tends to be more elastic at higher price levels. • 8. _Advertising and marketing_: Effective advertising can reduce price elasticity. • 9. _Consumer knowledge_: Well-informed consumers are more likely to have elastic demand. • 10. _Market structure_: Demand is more elastic in competitive markets. • 11. _Cultural and social factors_: Demand can be influenced by cultural and social norms. • 12. _Seasonality_: Demand for seasonal goods can be less elastic during peak seasons. • These factors influence how responsive quantity demanded is to changes in price, determining the price elasticity of demand. • #demand #elasticityofdemand #microeconomicsclass11 • #class11microeconomics #demandandsupply • #priceelasticityofdemand #bestcommercechannel • #economics11th #chapter4economicsclass11 • #elasticityofdemand • • Factors affecting price elasticity of demand class 11.
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