Explain the Difference Between Demographic Variables and Psychographic Variables

question 6

Essay

Explain the difference between demographic variables and psychographic variables.

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Definitions:

Quantity Demanded

The total amount of a good or service that consumers are willing and able to purchase at a specific price level.

Other Things Equal

A concept that assumes all other variables are kept constant except the ones being studied.

Demand Curve

A graph representing the relationship between the price of a good and the quantity of that good that buyers are willing to purchase at that price.

Quantity Supplied

The total amount of a product or service that producers are willing and able to sell at a certain price level.