Change in Demand / Shifts in Demand curve
Learning Contents: · Increase in Demand · Decrease in Demand Introduction As studied in previous post related to the determinants of demand that states, it is not only the price which cause changes in the demand for the commodity but in the real world there also exist other factors such as the income of the consumer, price of related goods, taste and preferences of the consumer, etc. that affect the demand for the commodity. Demand for a commodity changes due to change in other factors keeping the price constant. In other words, when demand for commodity increases or decreases due to change in other factors or determinants of demand, other than the own price of the commodity is called as ' shifts in the demand curve'. Shifts in the demand curve are also known as change in demand. Such shifts in the demand curve may be either increase in demand (rightward/ Forward