20 9:03 - 2020 phpN5HWsa.png (898x1324) media.cheggcdn.com Case Study: The consumption of gold in India is seen as savings and valuable item. People demand gold in form of omaments, coins and biscuits The same has been challenged by another precious metal i.c. Platinum. The availability of platinum as compared to gold is very small. Over the last few years, Indians have recycled an average of 105 tons of gold per year. In festival days, the demand for gold increases. Celebrations like Diwali and Akshya Tritya boost the demand. Imports of gold fall from the month of December by more than 80% followed by 90% in January, Generally imports in March fall very steeply. In 2005, demand went up and price also went up, People try to invest in gold due to culture and belief. So demand always remains clastic. In 2004, the countrymen enjoyed a rapid increase in income which made the Indians to consume more and more gold though the price was also increasing. Certain non-price factors also affect the demand of gold. Later on, in 2009, Platinum which is a substitute of gold, started declining from Rs. 35,000 to Rs.22,000 which made people of India to purchase platinum as a substitute of gold Answer the following questions: (1) What are the main factors which determined the demand for gold in the above case ? (2) What would happen to the demand for gold if price of platinum rises? (3) What are the non-price factors to determine demand of a commodity like gold? (4) What would happen to the demand of gold with rise in po of gold if platinum as a substitute is not available in the market TIL C)