Question

In: Economics

What is the difference between a change in demand and a change in quantity demanded? Use...

What is the difference between a change in demand and a change in quantity demanded?

Use a graph (or two) to show the difference.

Solutions

Expert Solution

A change in demand represents the shift in demand ,when any factor other than the price changes. It is a decrease or increase in demand that is not caused by change in price. The change could be because of changes in consumer preferences , change in income level , change in price of related goods , change in expectation about price. If there is increase in demand , then there is rightward of the demand curve and in case of decrease in demand , there is a leftward shift of the demand curve.

A change in quantity demanded represents the movement along the demand curve , which means the demand of a good changes because of change in price, ceteris paribus (i.e other factors remaining constant). If there is an increase in quantity demanded , then there is downward movement along the demand curve and if there is decrease in quantity demanded , then there is upward movement along the demand curve.


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