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Homework answers / question archive / What factors influence the demand and supply for smartwatches? How do these changes in supply and demand affect the equilibrium price of this product? Do you anticipate any changes to the demand and/or supply of smartwatches in the near future? If so, what is driving these changes?
What factors influence the demand and supply for smartwatches? How do these changes in supply and demand affect the equilibrium price of this product? Do you anticipate any changes to the demand and/or supply of smartwatches in the near future? If so, what is driving these changes?
Factors that influence the supply and demand of smartwatches include;
1. Consumer preference.
When consumer preference for smartwatches is high, there will be an increase in demand, which increases the supply and production of more smartwatches. The vice versa is true.
2. People's income levels.
When the level of income is high, there will be an increase in demand for smartwatches since consumers can easily afford, which increases the supply and production of more smartwatches. The vice versa is true.
3. Consumers in the market.
When the number of consumers is high in the market, there will be an increase in demand for smartwatches, which increases supply to serve the high number of consumers. The number of smartwatches will also increase in the market. The vice versa is true.
In the near future, the demand and supply of smartwatches will increase. This is because smartwatches will be more affordable, and more people will want to have devices they can use to quickly access general functionalities such as calculations, Wi-Fi & Bluetooth connectivity, etcetera, that are also in smartphones.
