Economics Of Hunters Demand For Products

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Running head: HUNTERS DEMAND FOR PRODUCTS Economics of Hunters and the Demand for Products Michael Siniard Liberty University Abstract This paper discusses a hunter’s demand for hunting products and the factors that play a role in determining these demands. Demand theory and the demand curve are analyzed along with the forces that determine hunters demand. External factors such as political, social, and technological factors are examined and how they shift the demand curve. Income effect, elasticity of demand, and the hunter’s indifference curve are also necessary when performing due diligence in determining the demand for a product. Economics of Hunters and the Demand for Products Hunting is a multi-billion dollar industry and although the number of hunters has shown some decrease in the past few years, the demand for hunting products has shown a slight increase. The nation’s current economic conditions have played a major role in consumer behavior. Consumer demand, and the demand for hunting products, indicates that as prices increase, there is less demand for products and hunters are willing to substitute goods for other products. Demand Analysis When analyzing a consumer’s demand for a product, one must consider the limitations such as income, budget, preferences, substitute products, and the price of products. External factors can also influence a hunter’s demand for a product, which will be discussed later.
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