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Principles of Economics 2e
Solutions
Principles of Economics 2e
Name some factors that can cause a shift in line demand curve in markets for goods and services.
What are the factors that cause a shift in the demand curve?
The following factor causes a shift in the demand curve:
(a) Change in the income of consumer: When the income of consumer changes, it causes the shift in the demand curve.
- Normal Good: When the income of a consumer rises, the demand for normal good rises. It shifts the demand curve to the right.
- Inferior Good: When the income of a consumer rises, the demand for inferior good falls. It shifts the demand curve to the left.
(b) Price of related goods: The price of related goods can shift the demand curve of a product.
- Substitute goods: These are the goods which can be used in the place of each other. If the price of substitute goods rises (say good ‘y’), the demand for good ‘x’ rises and demand curve for good ‘x’ shifts to the right...
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