non price determinants of demand

Question 1

RIPEN

Answer 1

income, tastes and preferences, future price expectations,price of real products and the number of consumers

Question 2

there are 2 types of goods

Answer 2

normal and inferior goods

Question 3

normal goods

Answer 3

products customers tend to buy more of as their real income level rises (necessities and luxuries)

Question 4

inferior goods

Answer 4

products with a negative income elasticity of demand which means their demand falls when consumer’s income rises.

Question 5

another type of good is veblen goods which is

Answer 5

a luxury good with a snob factor( a situation where the demand for a certain good by individuals of a higher income level is inversely related to its demand by those of a lower income level.)