When does 'change in demand' takes place?

1.	When does 'change in demand' takes place?
Answer» When there is change in a factor affecting demand other than own price of the good. Change in demand can take place, whenever, there exists any change in factors other than the price of a good. This is to say that change in demand of a good can take place due to changes in any of the following factors: (i) Change in the income of the consumer. (ii) Change in the price of the substitute goods. (iii) Change in tastes and preferences in favour of the commodity. (iv) Change in future price expectation. (v) Change in the total number of consumer

Answer»

When there is change in a factor affecting demand other than own price of the good.

Change in demand can take place, whenever, there exists any change in factors other than the price of a good.

This is to say that change in demand of a good can take place due to changes in any of the following factors:

(i) Change in the income of the consumer.

(ii) Change in the price of the substitute goods.

(iii) Change in tastes and preferences in favour of the commodity.

(iv) Change in future price expectation.

(v) Change in the total number of consumer

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