Navsari Agricultural University
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Concept of Demand
Demand Function
Types of Demand
The Law of Demand
Exceptions to the Law of Demand
Change in Demand
Shift in Demand
Factors determining demand
Inter-related Demand
Elasticity of Demand
Elastic and Inelastic Demand
Types of Elasticity
Shift in Demand (Increase / Decrease in Demand):
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One of the basic assumptions of economic theory is `other things being equal`. Other things are income, tastes, population, government policy, technology, price of related goods etc. Change in such factors will bring about increase or decrease in demand. In Fig.4, the increase in demand is shown by the shifts of the demand curve to the right from D to D` and D”. The increase in demand is shown by the shift to the right from D to D` and QQ` indicates increase in demand. The decrease in demand is shown by the shift to the left from D to D” and QQ” indicates decrease in demand.
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