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Determinants of Demand
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Determinants of Demand. FACTORS THAT SHIFT THE DEMAND CURVE Change in consumer tastes Change in the number of buyers Change in consumer incomes Change in the prices of complementary and substitute goods Change in consumer expectations. Tax Incidence and Elasticity of Demand.
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Determinants of Demand
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Determinants of Demand • FACTORS THAT SHIFT THE DEMAND CURVE • Change in consumer tastes • Change in the number of buyers • Change in consumer incomes • Change in the prices of complementary • and substitute goods • Change in consumer expectations AP Microeconomics Visual Visual 2.2 National Council on Economic Education http://apeconomics.ncee.net
Tax Incidence and Elasticity of Demand The more inelastic the demand for a good, the more the incidence of an excise tax can be shifted to the consumer. AP Microeconomics Visual 2.10 National Council on Economic Education http://apeconomics.ncee.net
A Price Ceiling AP Microeconomics Visual 2.11 National Council on Economic Education http://apeconomics.ncee.net
A Price Floor AP Microeconomics Visual 2.12 National Council on Economic Education http://apeconomics.ncee.net
Changes in Supply and Quantity Supplied AP Microeconomics Visual Visual 2.3 National Council on Economic Education http://apeconomics.ncee.net
Determinants of Supply • FACTORS THAT SHIFT THE SUPPLY CURVE • Change in resource prices or input prices • Change in technology • Change in taxes and subsidies • Change in the prices of other goods • Change in producer expectations • Change in the number of suppliers • Any factor that increases the cost of production decreases supply. • Any factor that decreases the cost of production increases supply. AP Microeconomics Visual Visual 2.4 National Council on Economic Education http://apeconomics.ncee.net
Equilibrium AP Microeconomics Visual Visual 2.5 National Council on Economic Education http://apeconomics.ncee.net
Shifts in Demand and Supply AP Microeconomics Visual Visual 2.6 National Council on Economic Education http://apeconomics.ncee.net
Qualities That Affect Elasticity of Demand AP Microeconomics Visual Visual 2.7 National Council on Economic Education http://apeconomics.ncee.net
Elasticity Coefficients AP Microeconomics Visual Visual 2.8 National Council on Economic Education http://apeconomics.ncee.net
Summarizing Price Elasticity of Demand AP Microeconomics Visual Visual 2.9 National Council on Economic Education http://apeconomics.ncee.net
Tax Incidence and Elasticity of Demand AP Microeconomics Visual National Council on Economic Education http://apeconomics.ncee.net