Understanding Market Demand: Factors Influencing Consumer Behavior
Explore the concepts of demand in the market through factors like changing preferences, number of consumers, price of related goods, income levels, expectations, and more. Learn how pricing strategies at retailers like Payless affect demand for shoes and analyze the distinctions between normal and inferior goods, substitutes, and complements. Delve into the impact of technology on online shopping trends and speculate on the future of retail shopping.
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600 500 400 2011 300 2013 2017 200 100 0 Would You Demand It?
Price Quantity Demanded $50.00 $100.00 $150.00 $200.00 $250.00 Would You Demand It?
Price Quantity Would You Demand It?
Changes in Demand Tastes and Preferences Number of Consumers Price of Related Goods Substitutes and Complements Income Normal vs Inferior Goods Expectations Changes in Quantity Demand Substitution Effect Income Effect Law of Diminishing Marginal Utility Would You Demand It?
Would a decrease in prices at Payless increase the demand for their shoes or the quantity demanded? Based on comments in the video, would Payless shoes be considered inferior or normal goods? Would shoes purchased at Kohls, Walmart or DSW be considered substitutes or complementary goods? Using the comment the thrill of the hunt , how might tastes and preferences for shopping affect the market for shoes? How has access to technology impacted the shift to online shopping? What do you expect the future trend in retail shopping to be? Would You Demand It?
