ICSE Class 10CISCE
Share
Notifications

View all notifications
Books Shortlist
Your shortlist is empty

Explain Any Three Factors that Affect the Demand for a Commodity. - ICSE Class 10 - Economics

Login
Create free account


      Forgot password?

Question

Explain any three factors that affect the demand for a commodity.

Solution

Three determinants of demand:

  • Price of the commodity: With constant money income of the consumer and an increase in the price of a commodity, the purchasing power of the consumer reduces and vice versa. Thus, the consumer purchases less of a commodity with an increase in its price.
  • Income of the consumer: Other things remaining constant, an increase in the individual income would mean an increase in the purchasing power of the consumer. Thus, the consumer can purchase commodities with an increased income.
  • Climatic condition: During the winter season, the demand for woollen clothes increases. During the summer season, the demand for cotton clothes increases. Hence, the climatic condition affects the market demand for a commodity.
  Is there an error in this question or solution?

APPEARS IN

 2017-2018 (March) (with solutions)
Question 10.1.2 | 3.00 marks
Solution Explain Any Three Factors that Affect the Demand for a Commodity. Concept: Elasticity of Demand and Elasticity of Supply.
S
View in app×