I need to back up my information below with the academic journal I uploaded make sure to rewrite the information below with the support of the Academic journal and my opinion below. Cite the The journal also with the other one below…..
Automotive Oil Change & Lubrication Services – Quarterly Update 6/2/2014. Fort Mill, South Carolina: Mergent, 2014. ProQuest. Web. 4 Feb. 2021.
In the US, the consumption of the famous cola soft drinks has reduced. One of the key variables that affects the demand for Coca Cola in the US is the demographic population of the country. This is the distribution of population in terms of age. It is important to note that majority of the population in the US is composed of people between 40 years and above. As the baby boomers becomes of age, they are passing their prime soft drink consumption years and the small generation coming after the baby boomers are more focused on buying energy drinks, juice, and water. In a state where population is largely composed of middle-aged people, youth and kids, the demand for Coca Cola will increase. However, the large percentage of baby boomers shifts the demand curve to the left because the variable causes demand to drop. Another key variable that affects the demand for Coca Cola in the US is the availability of substitute products. It is essential to note that Coca Cola has several substitutes products in the US which means that should a change in price occur, the elasticity of its products will be high. Assuming that Coca Cola drastically change the price of its products while the price of substitute products remains the same, people will most likely reduce their demand for Coca Cola products and opt to buy other substitute products. The presence of easy substitutes for the Coca Cola products makes the demand for the products to be more elastic. The presence of an alternative good makes the original goods or services the original products to be more sensitive to the overall change in price. The presence of alternative products in the markets shifts the curve to the left. This means less and less of the product will be demanded. Additionally, customer income is another variable that affects the demand for Coca Cola products. Coca Cola can be a normal good. Its demand can increase with an increase in the income of the customers and the price of a bottle of Coca Cola remaining constant. When the income of buyers drops, they will purchase less of the product even though the price remains unchanged. When this occurs, the demand curve shifts to the left (Browning & Mark 2020). On the other hand, if there is an increase in the income of the customers, more and more of the soft drinks will be demanded at every price. This means that demand curve will shift to the right.
Browning, Edgar K., and Mark A. Zupan. Microeconomics: Theory and applications. John Wiley & Sons, 2020.
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