ECON 1000 Lecture Notes - Lecture 6: Demand Curve
8 May 2017
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Document Summary
Econ 1000 week 3 lecture 6. Quantity of demand depends on prices of your goods or other goods, income as well as preferences, and many other variables. If you are trying to graph a multi-dimensional problem on 2-dimensional objects, then you need to have some of the variables as constants. Demand curves depend on hundreds of different variables in modern day society. Demand curves allow you to isolate variables and their relationship as points on a graph. When you keep other variables as constants you can find different demand curves, and they often shift points on graphs by changing the constant. If a product is a substitute for another it shifts the curve to the right, if it is a compliment for another product it shifts the curve to the left. Increase in quantity demanded, is a movement along the demand curve. Increase in demand, a shift in demand curve.
