1.3 shifts in_demand [e_doc_find.com]

Different Goods Diagram Intro Causes Exceptions More Demand Diagrams! & changes in the conditions of demand

Lesson Objectives ,[object Object],[object Object],Different Goods Diagram Intro Causes Exceptions

Basic Demand curve… ,[object Object],[object Object],Different Goods Diagram Causes Intro Exceptions

Different Goods Diagram Causes Intro Exceptions Movements along a demand curve

The Demand Curve Quantity Demanded Demand P1 Q1 Q2 P2 Price

A contraction of demand Quantity Demanded Demand P1 Q1 Q2 P2 A contraction of demand due to a higher price Price

An expansion of demand Quantity Demanded Demand P1 Q1 Q2 P2 An expansion of demand due to a lower price Price

Different Goods Diagram Causes Intro Exceptions Exam skills in drawing diagrams ,[object Object],[object Object],[object Object],[object Object],[object Object]

Different Goods Diagram Causes Intro Exceptions What comes first? The change in price or a change in demand? A change in price causes a….. movement along the demand curve!

Falling Prices and Demand ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],Different Goods Diagram Causes Intro Exceptions

Different Goods Diagram Causes Intro Exceptions Shifts in Demand

Different Goods Diagram Causes Intro Exceptions Price What can cause demand to increase or fall, despite the price remaining the same? Quantity Demanded D1 P1 Q1 Q2 Q3 D2 D3 Increase in Demand Decrease in Demand

Causes of an outward shift in demand ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],Intro Diagram Causes Different Goods Exceptions

Intro Diagram Causes Different Goods Exceptions Group work ,[object Object],[object Object],[object Object]

[object Object],[object Object],Intro Diagram Causes Different Goods Exceptions Individual work….

Intro Diagram Causes Different Goods Exceptions QUICK FIRE DRAWINGS… ,[object Object],[object Object]

Different types of goods ,[object Object],[object Object],[object Object],[object Object],[object Object],page 01 page 02 page 03 Different Goods Exceptions

Substitutes ,[object Object],[object Object],[object Object],page 01 page 02 page 03 Different Goods Exceptions

page 02 page 03 Different Goods Exceptions ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

Changes in price of Substitutes page 01 page 02 page 03 Different Goods Exceptions P1 Q1 Q2 Demand Output (Q) Price of Texaco petrol P1 Q1 Q2 D1 Output (Q) Price of Shell petrol P2 D2 Intro Diagram Causes

Complements ,[object Object],[object Object],[object Object],page 01 page 02 page 03 Different Goods Exceptions

page 02 page 03 Different Goods Exceptions What are the complement goods to these items? ,[object Object],[object Object],[object Object],[object Object],[object Object],A change in the demand for these goods will directly effect the demand for their complementary goods. The extent to which a change in the price of one good leads to a change in the demand for a complement is determined by the cross-price elasticity of demand .

Inferior Goods ,[object Object],[object Object],[object Object],[object Object],[object Object],page 01 page 02 page 03 Different Goods Exceptions

Ostentatious Goods ,[object Object],page 01 page 02 page 03 Different Goods Exceptions Jimmy Choo £460 Dolce & Gabbana £250

Ostentatious Goods page 01 page 02 page 03 Different Goods Exceptions Olympic Gold medallist rewarded with Jimmy Choo shoes!

Exceptions ,[object Object],[object Object],[object Object],Intro Diagram Causes Different Goods Exceptions

Exceptions ,[object Object],[object Object],[object Object],[object Object],Intro Diagram Causes Different Goods Exceptions

Intro Diagram Causes Different Goods Exceptions On your whiteboard…. ,[object Object],[object Object],[object Object]

What if….. ,[object Object],[object Object],[object Object],[object Object],[object Object],Intro Diagram Causes Different Goods Exceptions Inward or outward shift? In your notes– draw a diagram to show the ‘impact’ on the demand schedule(s) for each of these situations

Changes in price of Substitutes P1 Q1 Q2 Demand Output (Q) Price of Texaco petrol P1 Q1 Q2 D1 Output (Q) Price of Shell petrol P2 D2

Intro Diagram Causes Different Goods Exceptions Homework… ,[object Object],[object Object],[object Object],[object Object],[object Object],Christian Lacroix Large bow shoe boots £365 Normal? Have I mentioned my fascination for shoes yet?

Use the next few slides as handouts for group work…

What factors are influencing market demand for smoothies?

What factors are influencing market demand for houses?

What factors are influencing market demand for second hand cars?

What factors are influencing market demand for bread makers?

What factors are influencing market demand for holiday cottage in UK?

What factors are influencing market demand for buses?

What factors are influencing market demand for wellingtons?

What factors are influencing market demand for cinema experience?

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