Theory of Demand — Part 2
Part 2 — market demand, movements versus shifts, and exceptions to the law.
In this lesson you will
- Derive a market demand schedule and curve by horizontal summation
- Distinguish extension and contraction from increase and decrease in demand, with diagrams
- Predict the shift of the demand curve for a given change in income, tastes or related prices
- Explain why the demand curve may slope upward for Giffen and prestige goods