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Aryan · 2024-04-29T03:51:07.877Z

Conditions Changes in real Income • Real Income determines how many goods/services can be enjoyed by consumers • There is a direct relationship between income & demand for goods/services • If the condition is set to the increase in income then the graph will move from D to D1 • If the condition was set to a decrease in income then the graph will move from D to D2 Changes in taste/fashion • If goods/services become more fashionable then demand for them increases • There is a direct relationship between changes in taste/fashion & demand • If the goods become more fashionable then we all know that there would be a outward shift from D to D1 • If the goods are not fashionable enough to create demand then there would be a inward shift from D2 to D1 Advertising / Branding • If more money is spent on advertising or branding, then demand for goods/services will increase as more consumers are aware of the product • There is a direct relationship between branding/advertising & demand • If the advertisements of the brand were efficient or good enough to increase demand then it would be efficient as demand had an increase which would lead to a shift from D to D1 • If the advertisements of the brand were bad or less then the demand would not increase as they would in-fact decrease more which would lead to a shift from D to D2 Changes in the prices of substitute goods • Changes in the price of substitute goods will influence the demand for a product/service • There is a direct relationship between the price of good A & demand for good B • For example, the price of a Sony 60" TV increases so the demand for LG 60" TV increases • If the product A has a increase in price then the product will be substituted as the demand for product B would be increase which would lead to a supply of product B in the market the slope would shift from D to D1 • If the Product A has a decrease in its price then the product B will have a decrease in demand which would lead to a shift from D to D2 if B was D Changes in the prices of complementary good • Changes in the price of complementary goods will influence the demand for a product/service • There is an inverse relationship between the price of good A & demand for good B • For example, the price of printer ink increases so the demand for ink printers decreases • If the price of Good A increases then the D as the Good B will have a shift from D to D2 • If the price of Good A decreases then d as the good B will have a shift from D to D1 Changes in population size/distribution • If the population size of a country changes over time, then the demand for goods/services will also change • There is a direct relationship between the changes in population size & demand • Demand will also change if there is a change to the age distribution in a country as different ages demand different goods/services e.g an ageing population will buy more hearing aids • If population increase there would be a shift from D to D1 then if the population decreases there would be a shift from D to D2

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Aryan

Apr 29

An Explanation of How Each of the Conditions of Demand Shifts the Entire Demand Curve at Every Price Level

in Aryan

Conditions

Changes in real Income

Real Income determines how many goods/services can be enjoyed by consumers
There is a direct relationship between income & demand for goods/services
- If the condition is set to the increase in income then the graph will move from D to D1
- If the condition was set to a decrease in income then the graph will move from D to D2

Changes in taste/fashion

Advertising / Branding

Changes in the prices of substitute goods

Changes in the prices of complementary good

Changes in population size/distribution

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