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To create a schedule with demand data and price points for the population increase of 1 million persons of primarily Hispanic origin in Los Angeles over the last 10 years, we need to consider the following steps:
1. Demand Data:
- Initially, the demand for goods and services catering to the Hispanic population in Los Angeles was at a certain level.
- With the population increase of 1 million Hispanic persons over 10 years, the demand for products and services specifically targeted towards this demographic would likely increase.
- Businesses might see a rise in demand for Hispanic cuisine, Spanish-language services, cultural events, etc.
2. Price Points:
- As the demand for goods and services catering to the Hispanic population increases, businesses may adjust their price points accordingly.
- If the supply of these specialized goods and services does not keep up with the increased demand, prices might rise due to scarcity.
- Competing businesses might also adjust their prices to attract the growing Hispanic consumer base.
3. Graph Data:
- Creating a graph to represent this scenario would involve plotting the changes in demand and price points over the 10-year period.
- The demand curve would shift to the right to reflect the increased demand, leading to potential price adjustments.
4. Explain Change in Demand:
- The change in demand for goods and services in Los Angeles among the Hispanic population can be attributed to non-price determinants such as:
- Population increase: A higher number of Hispanic residents directly translates to a larger consumer base.
- Cultural factors: Preferences for specific products or services due to cultural ties can drive demand.
- Income levels: Improvements in income within the Hispanic community may lead to higher purchasing power and increased demand for various goods.
By understanding these factors and analyzing the data, businesses can adapt their strategies to meet the changing demands of the population in Los Angeles.
