What factors influence the demand for wifi? What factors influence the supply of this product? How have these changes in supply and demand affected the equilibrium price of wifi?

The demand for wifi is impacted by the market influencers and the market challenges. It includes the market price level of the wifi, the available competitors in the IT industry, the significance of wifi in the life of users, income level or preferences of the users and the various applications of the wifi.

The supply of wifi is depending on the cost of connection, weather and economic conditions, productivity of factors, government considerations or the market size.

The equilibrium price of wifi in the market is found when the demand and supply of wifi are equal. Any change in either of these variables lead to impact the price of wifi. For instance, any increase in the factors of production price would reduce the supply due to a reduction in the profit of sellers. Meanwhile, any hike in demand would lead to an increase in wifi price to meet the increasing demand in the market. The supply level is directly related to the price of wifi and the demand is directly related.