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Eco Economics

EconomicsNEB 2076 (old course)

What is shift in demand curve?

2

Answer

· Based on the official syllabus and past papers
Updated
Quantity (Q)Price (P)OOriginal Demand (D₁)Shifted Demand (D₂)AQ₁P₁BQ₂P₂
Leftward shift in demand curve (D₁ → D₂) due to factors like lower income or higher prices of substitutes

A shift in the demand curve occurs when the entire demand curve moves either to the right (increase in demand) or to the left (decrease in demand) due to changes in factors other than the price of the good itself. These factors include:

  • Income: Higher income increases demand for normal goods, shifting the curve right.
  • Consumer preferences: Changing tastes or trends can shift demand.
  • Prices of related goods: Substitutes or complements affect demand.
  • Expectations: Future price or income expectations alter current demand.
  • Number of buyers: More buyers increase demand.

Unlike a movement along the curve (caused by price changes), a shift changes the quantity demanded at every price level. The diagram above shows a leftward shift (decrease in demand) from D₁ to D₂.

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