The causes of shifts in the demand curve
A demand curve shifts when something other than price changes consumers' willingness or ability to buy. Factors like income, the price of related goods, and tastes can all move the whole curve left or right.
Real World
When Oatly oat milk became fashionable among health-conscious consumers in the early 2020s, demand for dairy milk shifted left (fell) even though dairy prices had not changed.
Exam Focus
Always explain the mechanism — state which factor changed, the direction of shift, and why quantity demanded changes at every price.
Price Elasticity of Demand
PED = % change in quantity demanded ÷ % change in price
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