Give one reason for a shift in demand curve
Asked by admin @ in Economy viewed by 341 People
Give 2 reasons for the shift in demand curve to the left
Answered by admin @
Hello Frnd
A Demand curve is a graphical reperensation of Demand Schedule.
Demand curve changes in two ways.
1. movement in Demand curve
It's happens due to change in price of the commodity.
2. Shift in Demand curve
It happens due to Change in factors other than the price of the commodity. It means if there is a change in Demand due to change in other factors like Income of the consumer, preference etc. Except the price of commodity.
✔Following are the two cases of left ward shift in Demand curve.
Left ward means Decrease in Demand.
1. Change in Taste and preference:-
If there is change in Taste and Preference of the consumer in oppose of the good.
e.g. A consumer uses to prefer good x but later there was change in his taste and now he prefers y over x then there will be a leftward shift in Demand curve of X.
2. Change in price of Substitute good.
If there is a Decrease in price of Substitute good then it will lead to Decrease in Demand of good.
e.g. y is a substitute good of X and there is Decrease in price of good y then it will lead to Decrease in Demand of good x and demand curve of X will shift to leftward.
hope it helps
jerri
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