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Homework answers / question archive / 1)Ordinarily under normal circumstances the determinants of demand are the same factors that are applied in modelling of the consumer behavior
1)Ordinarily under normal circumstances the determinants of demand are the same factors that are applied in modelling of the consumer behavior. Itemize all determinants of demand, how would you use these to model consumer behaviour and accordingly uplift the people's standard of living? Succinctly discuss this statement. (5 Marks)
2)With the aid of the diagrams, differentiate between 'Income Effect' and 'Substitution Effects', further as a policy maker how would you enhance these effects to cushion and enhance people's economic welfare? (5 Marks)