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lectur2-page40 - is so important. By asking the question,...

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There are several “determinants” involved in this purchase decision that will ultimately shape the demand for shotgun shells at the market level. We focused primarily on three determinants of demand here. The price, the income level of the consumer, and the price of substitutes. We will learn of more determinants of demand later in the course. I hope you are starting to understand why the assumption of ceteris paribus
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Unformatted text preview: is so important. By asking the question, What would you expect to happen to the consumption of shotgun shells during dove season to do if the price of shotgun shells increases from $3.25 per box to $10.00 per box, ceteris paribus ?, we are holding all other things constant. We would likely come to the conclusion that less shotgun shells would be consumed by dove hunters on average, in general. 40...
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