• ISSN: 2349-6002
  • UGC Approved Journal No 47859
Author Login IJIRT Partner Network (IPN) Login

A PROJECT REPORT ON LAW OF DEMAND THEORY IMPACT ON CUSTOMERS BUYING ATTITUDE WITH REFERECE COOKING OIL

  • Unique Paper ID: 156305
  • Volume: 9
  • Issue: 3
  • PageNo: 226-230
  • Abstract:
  • Recently, we have observed extraordinary oil price increases from 2021 to 2022 and during these relatively short periods, the oil prices became a double. We investigate what cause these extreme events in term of the supply and demand based price decision mechanism. Demand factors in the oil markets are categorized into the real demand and strategic demand. If there is inflation affect on economy, the price of the entire FMCG products price increase eventually oil price also. In contrast, if the economy is booming, companies may increase their investment, which will increase the oil demand and oil price. On the other hand, if the Mideast political environment is unstable, people may expect the oil price increase soon. Based on this rational expectation, some people may buy the oil more than their real demand in a strategic aspect, which leads to oil price risings. Meanwhile, the OPEC production and Shale oil development have been interesting supply factors in the recent oil markets. To find out which factors are more significantly influence the oil price falls, lag-differenced time-series regression models with various input variables (supply and demand factor) were evaluated in the aspect of out-of-sample forecasting performances. In particular, monthly spot prices of WTI, Brent, and Dubai were implemented due to the availability of input variables. Impacts of supply and demand factors between two oil price falling periods were evaluated and compared. The law of demand is a fundamental principle of economics that states that at a higher price consumers will demand a lower quantity of a good. Demand is derived from the law of diminishing marginal utility, the fact that consumers use economic goods to satisfy their most urgent needs first.
email to a friend

Cite This Article

  • ISSN: 2349-6002
  • Volume: 9
  • Issue: 3
  • PageNo: 226-230

A PROJECT REPORT ON LAW OF DEMAND THEORY IMPACT ON CUSTOMERS BUYING ATTITUDE WITH REFERECE COOKING OIL

Related Articles

09 Aug, 2022

A RESEARCH STUDY ON CYBER SECURITY ISSUES AFFECTING ONLINE BANKING AND ONLINE TRANSACTIONS IN INDIA

Read More
Impact Factor
8.01 (Year 2024)
UGC Approved
Journal no 47859

Join Our IPN

IJIRT Partner Network

Submit your research paper and those of your network (friends, colleagues, or peers) through your IPN account, and receive 800 INR for each paper that gets published.

Join Now

Latest Publication

Archive

View More

Recent Conferences

NCSEM 2024

National Conference on Sustainable Engineering and Management - 2024 Last Date: 15th March 2024

Submit inquiry