briefly explain the following;
three factors that affect demand of commodity
1. Price of the commodity: One of the most important factors affecting demand is the price of the commodity. Generally, as the price of a commodity decreases, the quantity demanded by consumers increases, and vice versa.
2. Income of consumers: The income level of consumers also has a significant impact on the demand for a commodity. As consumer incomes increase, they are usually able to purchase more of a commodity, leading to an increase in demand. Conversely, a decrease in income may lead to a decrease in demand.
3. Consumer preferences and tastes: The preferences and tastes of consumers can also affect the demand for a commodity. If a commodity becomes more popular or trendy, its demand is likely to increase. Conversely, if consumer preferences shift away from a particular commodity, its demand may decrease.