Factors Changing Demand | Effect on Demand | Direction of Shift in Demand Curve | Effect on Equilibrium Price | Effect on Equilibrium Quantity |
Increase in income (normal good) | Increase | Rightward | Increase | Increase |
Decrease in income(normal good) | Decrease | Leftward | Decrease | Decrease |
Increase in income (inferior good) | Decrease | Rightward | Decrease | Decrease |
Decrease in income(inferior good) | Increase | Rightward | Increase | Increase |
Increase in price of Substitute | Increase | Rightward | Increase | Increase |
Decrease in price of substitute | Decrease | Rightward | Decrease | Decrease |
Increase in price of complement | Decrease | Leftward | Decrease | Decrease |
Decrease in price of complement | Increase | Rightward | Increase | Increase |
Increase in taste and preference for good | Increase | Rightward | Increase | Increase |
Decrease in taste and preference for good | Decrease | Leftward | Decrease | Decrease |
Increase in number of consumers | Increase | Rightward | Increase | Increase |
Decrease in number of consumers | Decrease | Leftward | Decrease | Decrease |
