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Explain The Factors Which Are Likely To Affect The Demand For: i) Pianos ii) Chocolate iii) Designer clothes in the UK market.
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Explain The Factors Which Are Likely To Affect The Demand For: i) Pianos ii) Chocolate iii) Designer clothes in the UK market. Any change in the price of a good or service will cause an extension or contraction (along) of the demand curve. If a factor other than price changes, the entire demand curve will shift left or right. The main determinants of demand for a piano include; Advertising, price of substitutes, fashion and taste change, taxation, income, raw material availability and price, success of famous pianists. If an advertising campaign was launched for pianos, then the demand curve would shift to the right, as an increase in the demand of pianos would be the probable result. If the price of substitutes decreased, for example a top of the range key-board company reduced there prices significantly then the demand curve for a piano would shift to the left. However if...
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