Thursday, June 16, 2011

Graphing changes to demand

Changes to demand are dependent on the number of units of goods (or services) that consumers are willing (and able) to take off the market at various alternative prices.  A change in demand occurs if and only if one of the "other things" (called non-price determinants of demand) changes.

For example because it's play-offs season the demand for their tickets rose dramatically and the change in demand for tickets (in Vancouver and Boson) was because both hockey teams were now the two last teams teams battling for the Stanley Cup and hockey fans were eager to cheer them on live and become a part of what could have been a memorable moment.   

This in turn cause a shift in demand for tickets in their city to the right. 

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