Determinants of Demand

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  • 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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