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Slide Notes

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Shifts Of The Demand Curve

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Scenario: Jessica worked at McDonalds as she went to college, but now that she's out of college she will begin to work as a surgeon.
Answer: Jessica's income will raise and will switch from inferior goods to normal goods.
Factor: income

Consumer Expectations

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Scenario: Derik went to the Apple Store to buy a new phone, as he went to the counter the cashier told him that it would be on sale tomorrow for a cheaper price. What is likely to happen?
Solution: At that moment Derik's demand for the item goes down.
Factor: Consumer Expectations


Scenario: Everyone wanted the new phone that just came out, people lined up for miles outside the store just to get their hands on one. What happens because of this?
Solution: the demand goes up because everyone wants it.
Factor: population


Scenario:Apple produced a commercial saying that all products are on sale for half off starting tomorrow. What will happen?
Solution: demand for Apple products will rise.
Factor: Advertising

Prices of Related Goods

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Scenario: Doritos chips price went up buy $5, while other chip brands stayed the same price. What will happen?
Solution: the demand for the other chip brands will go up, while the demand for Doritos goes down.
Factor: Prices of Related goods