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Identify the NonPrice determinants of demand in the dentistry field business (per factor) In the average income of consumers,size of the market, price and availability of related goods,preferences or taste,special influences and expectations about future economic conditions

Identify the NonPrice determinants of demand in the dentistry field business (per factor) In the average income of consumers,size of the market, price and availability of related goods,preferences or taste,special influences and expectations about future economic conditions

ENGR.ECONOMIC ANALYSIS
ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN:9780190931919
Author:NEWNAN
Publisher:NEWNAN
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Identify the NonPrice determinants of demand in the dentistry field business (per factor) In the average income of consumers,size of the market, price and availability of related goods,preferences or taste,special influences and expectations about future economic conditions
NonPrice Determinants of Demand 1. The average income of consumers Persons purchase the necessities with their income. As their incomes increase, however, they tend to buy more of the things they like to buy. 2. Size of the market The demand curve is affected by the number of people living in a given area. 3. Price and availability of related goods Goods that are related tend to influence each other's demands. Related goods and services are of two types: Substitutes and Complements. Substitutes are goods that compete with each other such as meat and fish. Complements are goods that are used jointly, like cement and steel bars. 4. Preferences or taste People of different cultures vary in taste and preferences. A large ethnic group, for instance, has a taste for mixing their food with strong dose f spices. In another light, some groups of people prefer to spend a large part of their incomes on luxuries even if necessities are not satisfied. 5. Special influences Certain developments influence demand for certain goods and services. Heat and humidity. For instance, contribute to the demand for air-conditioning equipment and light clothing. 6. Expectations about future economic conditions When people expect changes in the economy, their reaction will affect the demand for certain products.
Transcribed Image Text:NonPrice Determinants of Demand 1. The average income of consumers Persons purchase the necessities with their income. As their incomes increase, however, they tend to buy more of the things they like to buy. 2. Size of the market The demand curve is affected by the number of people living in a given area. 3. Price and availability of related goods Goods that are related tend to influence each other's demands. Related goods and services are of two types: Substitutes and Complements. Substitutes are goods that compete with each other such as meat and fish. Complements are goods that are used jointly, like cement and steel bars. 4. Preferences or taste People of different cultures vary in taste and preferences. A large ethnic group, for instance, has a taste for mixing their food with strong dose f spices. In another light, some groups of people prefer to spend a large part of their incomes on luxuries even if necessities are not satisfied. 5. Special influences Certain developments influence demand for certain goods and services. Heat and humidity. For instance, contribute to the demand for air-conditioning equipment and light clothing. 6. Expectations about future economic conditions When people expect changes in the economy, their reaction will affect the demand for certain products.
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