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Submitted by jadam2002 on February 27, 2008
Category: Business
Words: 534 | Pages: 3
Views: 69
Popularity Rank: 101,305
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Speaker’s notes
Determinants of demand
• No. and price of complementary goods – these are goods which are consumed together such as cars and petrol. If the price of petrol is too high, it may affect demand for cars in general
• Distribution of income – in the more wealthy areas of the country, particular products may be on more demand
Specifically affecting High Street Optician firms:
• No. and price of substitute goods – if a substitute or alternative good (contact lenses) is cheaper, people may switch to it, decreasing demand for that product. (Also if spectacles were being sold cheaper by on-line opticians, consumers may switch to it too)
• Expectations of future price changes – E.g. when people expected fuel prices to soar up, they started to buy a lot in order to stock up. If people expected the prices of spectacles to increase, they wouldn’t stock up, they would consider buying a new pair now rather than later, or have an eye test done now rather than later.
• Income – If people’s income were to increase it could increase demand for designer label spectacles, and visa versa if it decreases.
• Tastes – For a while, the various colours of contact lenses were part of the fashion, increasing demand for them, and possibly decreasing demand for spectacles.
Determinants of Supply
• Cost of production – if the cost to produce the products is high, less profit will be made, and therefore firms may cut back on production.
• Profitability of Alternative Goods – If an alternative good (contact lenses) becomes more profitable to supply, the producers will switch to it.
• Expectation of future price changes – If a price is expected to rise, the suppliers will cut back on the amount that they supply, in order to build up stock to release when the price is high.
Analysis of Price and Output
Market Equilibrium
• Point at which...
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