The demand curve when each of these determinants changes
What happens to the demand curve when each of these determinants changes?
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There are determinants of demand that are features which may shift demand curve that is cause a “change in demand.” These are the number of buyers, the tastes (or desire) of income of the buyers, the buyers for commodity changes in price of related commodities (substitutes and complements) and prospect of the buyers regarding the future price of the commodity under discussion.
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Explain in detail the interrelationships between economic facts, theory, and policy. Critically evaluate this statement: “The trouble with economic theory is that it is not practical. It is detached from the real world.”
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