![]() The more driving-age children a family has, the greater their demand for car insurance, and the less for diapers and baby formula. The more children a family has, the greater their demand for clothing. Finally, the size or composition of the population can affect demand. ![]() If you need a new car, the price of a Honda may affect your demand for a Ford. Prices of related goods can affect demand also. Professors are usually able to afford better housing and transportation than students, because they have more income. Ability to purchase suggests that income is important. If you neither need nor want something, you will not buy it. ![]() Willingness to purchase suggests a desire, based on what economists call tastes and preferences. That suggests at least two factors in addition to price that affect demand. We defined demand as the amount of some product a consumer is willing and able to purchase at each price. Visit this website to read a brief note on how marketing strategies can influence supply and demand of products.
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