The background of the demand for any product is determined by many factors. The size of the population who are interested in the product, their disposable income, whether the product has a seasonal demand, the price of the product in comparison to near substitutes, the success of marketing campaigns related to the product, and many other possible determinants.
In this class, we look at the various determinants and offer a fuller explanation of how they influence the demand for the product. Please watch out for the “Ceteris Paribus” assumption (its famous!).
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