SUPPLY & DEMAND
CAUSES FOR CHANGE
Changes in Demand can be caused by:
1) Change in price of a compliment good 2) Change in price for substitutes 3) Change in income...for normal goods, a change will cause an increase in demand 4) Change in the number of consumers 5) Change in information/technology
Changes in Supply can be caused by:
1) Change in imput costs (labor/natural resources/etc.) 2) Change in technology 3) Change in number of supplies
Created Fall 2004WFU '08
