briefly explain the following;
three factors that affect demand of a commodity
1. Price: The most significant factor affecting demand is the price of the commodity. As the price of a commodity increases, the quantity demanded tends to decrease, and vice versa.
2. Income: The income of consumers also plays a major role in determining the demand for a commodity. Generally, as income levels rise, consumers are more likely to demand higher quantities of goods and services.
3. Price of related goods: The demand for a commodity can also be affected by the prices of related goods. For example, if the price of a substitute good decreases, consumers may switch to the cheaper option, reducing the demand for the original commodity. Conversely, if the price of a complementary good increases, it may decrease demand for the original commodity.