Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Change in demand is a shift from consumers in the quantity of a product that they want. On the chart, this is identified as shift
Change in demand is a shift from consumers in the quantity of a product that they want. On the chart, this is identified as shift in the demand curve, left or right to see the changes and where the equilibrium currently lies. Electric cars are a product that has caused a positive shift in demand for vehicles. Brands like Tesla, Ford, Dodge, and Volvo have all created competitive products which are creating a shift to the right on demand curve. EV demand is doubling, if not tripling in certain countries with millions of vehicles on the road, and millions being sold each quarter as of 2022. No-Name Brand (Superstore) is an example of an inferior good. They product groceries like chips, granola bars, frozen fruit, ready-to-serve dinners, etc. These products are sold at a lower price, and have the tendency to sell more when income rises, and consumers are finding ways for the same product but a lower price point. Kirkland products (Costco) is also an example of an inferior product. A complementary product can be viewed as milk and cookies, skis and boots, cars and gasoline. A change in demand that has arisen in the last few years are the demand for at home electric chargers for EVs. There are only few stations in each city, and along major highways that charge EVs - with most opting to purchase/finance home charging stations
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started