An increase in the size of population will increase the demand for a commodity by increasing the number of consumers and, vice versa. The larger the population, the larger is likely to be the number of consumers. The population size of a country determines the number of consumers. Similarly, if people expect an increase in…

For instance, if consumers anticipate a future increase in the price of a commodity, they are likely to demand a greater quantity of that commodity now to avoid paying a higher price later. Tastes and preferences depend on social customs, habits of the people, fashion, general lifestyle of the people, advertisement, new inventions, etc. The…