CHAPTER 4. Individual and market demand. Outcomes. Derive individual demand curve Effect of change in price and income on the demand curve Market demand curve Consumer surplus Effects of network externalities. CHANGES IN EQUILIBRIUM. How does the equilibrium position change if:
Individual and market demand
How does the equilibrium position change if:
1. Consumer’s income change
2. Price of one of the goods change
Example: NEW clothing, NEW car, NEW computer.
Example: USED clothing, USED car, USED computer i.e. income and quantity.