Question
Please provide two non price determinants that have caused a change in supply or demand: either 2 shifts in Demand, OR, 2 shifts in Supply,
Please provide two non price determinants that have caused a change in supply or demand: either 2 shifts in Demand, OR, 2 shifts in Supply, OR 1 shift in Demand AND 1 shift in Supply. Note that we discussed how the COVID/Pandemic isnota non-price determinant of Demand or Supply, rather you can use the pandemic to explain how it impacts one of the non-price determinants below. Also, this exercise is not on market Surplus or Shortage, rather on how the Market Equilibrium can change for your commodity based on a change (shift) in Demand and/or Supply. Again, watch the recording for more clarity on this.
What non price determinant caused a shift in demand for your product/service? Did this determinant shift demand left (decrease) or right (increase)? What happens to price equilibrium? (E1 to E2)
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