# Non-Price Determinates Of Demand And Supply – Statistics Project Example

The paper "Non-Price Determinates Of Demand And Supply" is an excellent example of a statistic project on macro and microeconomics.
Demand has been defined as “the number of good buyers will actually buy at any one time at each of the possible prices that might be charged” and Supply is “the number of goods a seller will actually sell at any one time at each of the possible prices that might be received” (Lynn, 1965).
Apart form Prices; there are other factors that affect the Demand and Supply. They are called Non-price determinants. The major nonprice determinants of demand are (1) income, (2) tastes and preferences, (3) the price of related goods, (4) changes in expectations of future relative prices, and (5) population (i.e., market size). The major nonprice determinants of supply are (1) input costs, (2) technology, (3) taxes and subsidies, (4) expectations of future relative prices, and (5) the number of firms in the industry. (Economic Concepts)
Let us look at these factors of Demand and Supply with the example of the different rants for houses of 3 bedrooms and 2 bathrooms in various cities in the USA. The following table shows the rent of the same of cities in the USA.
(realtor.com, 2009)
City
Minimum
Maximum
Average
New York
\$3500
\$12,000
\$7750
Washington
\$5000
\$10,000
\$7500
Miami
\$10,000
\$20,000
\$15,000
Phoenix
\$5000
\$10,000
\$7750
Pittsburg
\$1000
\$2000
\$1500
Chicago
\$12000
\$20,000
\$16,000
Cleveland
\$1500
\$5000
\$3250