In lecture 03 handouts, there is a typing mistake in the table given
on page # 12. The corrected table in lecture 03 handouts of ECO401 is
as under:
FACTORS SHIFTING DEMAND CURVE:
Factors Changing Demand
Effect on Demand
Direction of Shift in Demand Curve
Effect on Equilibrium Price
Effect on Equilibrium Quantity
Increase in income (normal good)
Increase
Rightward
Increase
Increase
Decrease in income(normal good)
Decrease
Leftward
Decrease
Decrease
Increase in income (inferior good)
Decrease
Leftward
Decrease
Decrease
Decrease in income(inferior good)
Increase
Rightward
Increase
Increase
Increase in price of Substitute
Increase
Rightward
Increase
Increase
Decrease in price of substitute
Decrease
Leftward
Decrease
Decrease
Increase in price of complement
Decrease
Leftward
Decrease
Decrease
Decrease in price of complement
Increase
Rightward
Increase
Increase
Increase in taste and preference for good
Increase
Rightward
Increase
Increase
Decrease in taste and preference for good
Decrease
Leftward
Decrease
Decrease
Increase in number of consumers
Increase
Rightward
Increase
Increase
Decrease in number of consumers
Decrease
Leftward
Decrease
Decrease
--
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