Determinants of Consumer Demand

Consumer demand for a commodity is determined by various factors. Some of these determinants are:

Income: The income of a consumer is a significant determinant of demand. The higher the income of a consumer, the higher the demand for goods and services.

Prices of Related Goods: The prices of related goods such as substitutes and complements also affect the demand for a commodity. If the price of a substitute good increases, the demand for the commodity in question will increase, and vice versa. Conversely, if the price of a complement good increases, the demand for the commodity in question will decrease.

Tastes: The preferences and tastes of consumers also impact demand. If consumers develop a liking for a particular commodity, the demand for that commodity will increase, and vice versa.

Not a Determinant of Consumer Demand

Population: Population is not a determinant of consumer demand. Although an increase in population may lead to an increase in demand for goods and services, it is not a direct determinant of demand. Population growth may indirectly affect demand by changing income levels and tastes, but these factors are the direct determinants of demand.

Conclusion

Consumer demand is influenced by various factors, including income, prices of related goods, and tastes. Population, on the other hand, is not a direct determinant of demand. Understanding these determinants is crucial for businesses to make informed decisions regarding pricing, production, and marketing strategies.

Yes of course population affectdemand which means it is also a determinant of demand but the question what it acts as is which affect the consumer's demand so it taking the individual right so population won't affect the single consumer demand