evaluating how changes in market demand supply would impact the future equilibrium price and equilibrium quantity of a pediatric dental office.

For each of the following shift factors for market supply and for market demand, provide an example of a market event/force that when occurs reflects a change in the shift factor and would shift market demand and shift market supply. Explain how the examples you choose would result in a short-run increase or decrease in market supply/market demand in a pediatric dental office

Market Demand shift factors

1. changes in incomes (normal vs inferior good)

2. change in taste and preferences

3. changes in the number of buyers in the marketplace

4. change in buyers market expectations

5. changes in the price of related goods (substitutes vs. complements)

6. changes in taxes and subsidies

7. changes in climate and weather

Market Supply shift factors:

1. changes in technology

2. changes in the number of sellers in the market

3. changes in seller market expectations

4. change in the price of production inputs

5. change in the price of related goods in production (substitutes vs. complements)

6. changes in taxes and subsidies

7. changes in climate and weather.