Example for Students
Determinant of Demand: Income
Income Increase = Demand Increases Income Decreases = Demand Decreases (Inferior Goods move in the opposite direction)
A 25% raise means I can buy a Keurig for my classrom!
Determinant of Demand: Price of Related Goods
Complements: Goods used together; Price of one good increases, Demand for the other decreases (and vice versa)
Coffee doubled in price. Guess I won't need to buy as much creamer. #myhearthurts
Determinant of Demand: Tastes & Fads
So not fetch. Never buying those boots.
Guys! Check out my COOL boots!
Popular g/s? Demand increases. Unpopular? Demand decreases.
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