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Factors Shifting Demand Curve:
Factors Changing
Demand
Effect on
Direction of Shift in Demand Curve
Effect on Equilibrium Price
Effect on Equilibrium Quantity
Increase in income
(normal good)
Increase
Rightward
Decrease in
income(normal good)
Decrease
Leftward
(inferior good)
income(inferior good)
Increase in price of
Substitute
Decrease in price of
substitute
complement
Increase in taste and
preference for good
Decrease in taste and
Increase in number of
consumers
Decrease in number of
Market demand curve is the graphic representation of the market demand which shows the quantities of the commodity to which the consumers are willing able to purchase during the period of time at various alternative prices/costs, while holding constant everything else which effects the demand. The market demand curve for the commodity is negatively sloped, indicating that more of the commodity is purchased at the lower price.
In 1939 the U.S. economy was operating where in the production possibility curve?
what to produce? how to produce? for whom to produce
Terms of Trade: The ratio of average price of a country's exports, to average price of its imports, is its terms of trade. Theoretically an improvement in a country's terms of trad
a) Microeconomics is concerned with decision-making within the firm, household or on the individual level, but macroeconomics is concerned with the behavior of the whole economic s
consumer surplus fot tea
During the 1990s, technological advance reduced the cost of computer chips. Explain, with the use of supply and demand diagrams, how the following markets are affected in terms of
a. Using the data in the tables below, graph on the grid the demand and supply curves for milk, assuming that all factors other than the price of milk are held constant. Connect a
explain the relationship between scarcity,choice and opportunity cost
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(i) When the demand function is 2Q - 24 + 3P = 0, find the marginal revenue when Q=3. (ii) Given the demand function 0.1Q - 10 +0.2P + 0.02P2 =0, calculate the price elasticity of
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