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The value of shares is influenced by various factors including company performance metrics and market conditions. Among the options, consumer demand for the product, while it can have a general impact on a company’s revenue and profitability, does not directly alter the mathematical valuation of existing shares.

Investment in research and development contributes to the company’s potential for future growth, thereby affecting share value since it can lead to innovation and increased market share. The number of shares outstanding determines the ownership structure and can influence earnings per share calculations, which are critical in assessing a company's financial health. Earnings per share is a direct reflection of a company's profitability on a per-share basis and heavily impacts share prices, as investors often use it as a measure of a company’s financial performance.

Overall, while all the other factors presented directly tie into the calculation or perception of share value, consumer demand is more of an indirect factor that influences revenue rather than share price itself.