[Note: The distance between cities in California (US) distance chart below is straight line distance (may be called as flying or air distance) between the two locations in California (US) calculated based on their latitudes and longitudes. This distance may be very much different from the actual travel distance.]
Price of Related Goods: Demand for the given commodity is also affected by change in prices of the related goods. Related goods are of two types: (i) Substitute Goods: Substitute goods are those goods which can be used in place of one another for satisfaction of a particular want, like tea and coffee.
Increase and decrease in demand are referred to change in demand due to changes in various other factors such as change in income, distribution of income, change in consumerâs tastes and preferences, change in the price of related goods, while Price factor is kept constant Increase in demand refers to the rise in demand of a product at a given price.