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Chapter 4 Test Form a Demand

Chapter 4 Test Form a Demand

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so the third determinant of demand is your tastes or your preferences and we're not going to spend a lot of time on this one because that we economists typically don't delve too deeply into what determines your tastes or your preferences let's just say that this is concerned with what you like and what you don't like and this can be influenced by advertising it can be influenced by friends it can be influenced by say the results of a medical study let's suppose that maybe there was a medical study where the Journal of the American Medical Association reported that high hotdog consumption was associated with high test scores probably if people believed that that was legitimate more people would go out and eat more hot dogs because they want to do better on tests so it doesn't matter whether or not the research is legitimate or not it has to do with whether or not people believe it so your taste can be changed by advertising friends things

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What are the characteristics of demand
combination of desire, ability, and willingness to buy a product

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