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Demand is the quantity of a good that consumers are willing and able to buy at a given price during a given time period.
Demand forecasting is the process of estimating future demand for a product for a specified period.
Other things remaining the same, price and quantity demanded are inversely related (price ↑ → demand ↓).
Ceteris paribus means “other things remaining the same/constant”.
One determinant is consumer income (income changes can raise or reduce demand depending on the good).
A demand function expresses demand as a function of factors like price, income, tastes, and prices of related goods.
Determinants of demand (any six):
Thus, demand depends on many price and non-price factors.
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