Please describe and define three causes of shifts in supply and three causes of shifts in demand. Give a specific indu...
Please describe and define three causes of shifts in supply and three causes of shifts in demand.
Give a specific industry example and how this impacts their business today.
Homework Answers
Three causes of shift in supply are as
a. Change in number of firms
b. Change in cost of production
c. Change in technology
Three causes of shift in demand are as
a. Change in income
b. Change in price of substitute goods
c. Change in preferences
An automobile industry for example where supply gets affected by change in price of petrol and demand is related with increase in standard of living or income of the consumers.
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