Question
Asked Feb 2, 2020
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For each of the following changes, determine whether there will be a change in quantity demanded or a change in demand

  • a change in the price of a related good
  • a change in tastes
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Expert Answer

Step 1

There is a change in demand when the consumption of consumers change due to change in any factor other than price.

There is a change in quantity demanded when the quantity demanded by a consumer changes due to change in price of the product.

Step 2

If there is a change in the price of related good then this will change the demand of the own good whereas there will be a change in quantity demanded of the related good. For example: There are two goods: tea and coffee, a fall in the price of tea will make tea relatively cheaper ...

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