what is shift in demand curve?what does it mean?can someone please give me a detailed explanation of the same?
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ok, Peanut butter and jelly are complement goods. If the price of peanut butter goes up, people are not going to buy it as much, less demand for it. Therefore, the demand for jelly is going to decrease. So on a demand curve for jelly, the demand will decrease, or shift to the left.
I hope this helped.. the way the demand curve shifts depends on the factors.
If the price of pepsi goes up, the demand for coke increases.
With income there are normal goods (anything from like a dvd player to a car), and then inferior goods (which would be like generic food and stuff). If income increases, the demand for normal goods increases, and the demand for inferior goods decrease. And everything is always vice versa also.
Good luck