Managerial Economics & Business Strategy Chapter 2 Market Forces: Demand and Supply.
The Market Forces of Supply and Demand Chapter 4.
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The Market Forces of Supply and Demand Chapter 4
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Transcript of The Market Forces of Supply and Demand Chapter 4.
Shift Factors for Demand
1. Income.
2. Prices of related goods (substitutes and complements).
3. Tastes.
4. Expectations.
5. Number of buyers.
A Three-Step Program for Analyzing Changes in Equilibrium
1. Decide whether the event shifts the supply or demand curve (or perhaps both).
2. Decide in which direction the curve shifts.
3. Use the supply-and-demand to see how the shift changes the equilibrium price and quantity.