Demand - Like ^ Demand ^ (R) Like v Demand v (L) 3- Price...

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Microeconomics Notes: 01/18/12 Price of shoes: Quantity of Shoes: (low income) Quantity of Shoes: (high income) $30 25 50 $60 10 30 $90 6 16 , we can say there is a: Change in quantity demanded. Shift in demand curve= Change in the demand curve. Factors that shift the demand curve: 1-Income: Normal goods and Inferior goods::: Normal good: Income ^ Demand ^ (R), Income v Demand v (L)
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Inferior good: Income ^ Demand v (L), Income v Demand ^ (R) Example of an inferior good: Intercity bus travel 2-Preferences (how much people like/dislike a product):
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Unformatted text preview: Like ^ Demand ^ (R) Like v Demand v (L) 3- Price of Related Goods: Substitutes for consumers (Buy one or the other): Psub ^ D ^ (R), Psub v D v (L) Compliments for consumers (Buy one and the other ex: Hot dogs and hot dog buns): Pcom v D ^ (R), Pcom ^ D v (L) 4- Number of Demanders: Number ^ D ^ (R) Number v D v (L) Can be caused by change in season. Over winter break in Gville, the demand for restaurants is less because there are less people....
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This note was uploaded on 01/18/2012 for the course ECO 2023 taught by Professor Rush during the Spring '08 term at University of Florida.

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Demand - Like ^ Demand ^ (R) Like v Demand v (L) 3- Price...

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