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Determinants of Demand

Determinants of Demand . Change in consumer income Change in tastes and preferences Change in the price of a substitute good Change in the price of a complementary good Change in consumers’ price expectations Change in number of consumers in the market. Shifts in Demand .

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Determinants of Demand

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  1. Determinants of Demand • Change in consumer income • Change in tastes and preferences • Change in the price of a substitute good • Change in the price of a complementary good • Change in consumers’ price expectations • Change in number of consumers in the market

  2. Shifts in Demand Demand price Quantity of pecans per day

  3. Determinants of Supply • Change in the cost of productive resources • Change in technology • Change in profit opportunities of producing other products • Change in producers’ price expectations • Change in number of sellers in the market • Change in the government tax or subsidy

  4. Shifts in Supply Supply price Quantity of pecans per day

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