A. Explain the concept of shift in the demand curve and the changes in demand with the suitable examples.
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a change in one of other factors shift the demand curve
when the demand of a commodity changes due to change in any factorother than the own price of the commodity it is known as change in demand
various reasons for shift in demand curve are
1) change in price of substitute goods
2) change in price of complementary goods
3) change in income of consumer
4) change in taste and preferences
5) expectation of change in price in future
6) change in population
7) change in distribution of income
8) change in season and weather
when demand Rises at the same price it leads to a rightward shift in demand curve
when demand Falls at the same price it leads to leftward shift in the demand curve
increase in demand
increase in demand refers to a rise in the demand for commodity caused due to any factor other than the own price of the commodity. in this case demand Rises at same price or demand remains same even at Higher price. increase in demand leads to a rightward shift in the demand curve.
decrease in demand
decrease in demand refers to a fall in the demand of a commodity caused due to any factor other than the phone price of the commodity in this case demand Falls at the same price or demand remains same even at lower price it leads to leftward shift in the demand curve.
hope it helps thank you very much please mark as brainlist.
when the demand of a commodity changes due to change in any factorother than the own price of the commodity it is known as change in demand
various reasons for shift in demand curve are
1) change in price of substitute goods
2) change in price of complementary goods
3) change in income of consumer
4) change in taste and preferences
5) expectation of change in price in future
6) change in population
7) change in distribution of income
8) change in season and weather
when demand Rises at the same price it leads to a rightward shift in demand curve
when demand Falls at the same price it leads to leftward shift in the demand curve
increase in demand
increase in demand refers to a rise in the demand for commodity caused due to any factor other than the own price of the commodity. in this case demand Rises at same price or demand remains same even at Higher price. increase in demand leads to a rightward shift in the demand curve.
decrease in demand
decrease in demand refers to a fall in the demand of a commodity caused due to any factor other than the phone price of the commodity in this case demand Falls at the same price or demand remains same even at lower price it leads to leftward shift in the demand curve.
hope it helps thank you very much please mark as brainlist.
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