Question

Predict what has happened to the yoga pants market this year relative to last year. Make sure to explain whether there is a movement along either the demand curve or supply curve or a shift of the demand curve, the supply curve, or both, and what your prediction is for how equilibrium quantity and price have changed relative to last year. Limit your answer to 3-4 sentences

Answer 1

Demand is basically what a person can buy with his money/income. It is as the definition says the "the quantity of a commodity that a person is willing to buy at a particular price" . This is the basic definition of demand.

Now following are the factors on which the demand depends. They are:

1. Income

2. Price

And the most important one is:

3. Taste and preferences/ other factors

Now coming to the question about yoga pants. Since no specific country is mentioned let us assume the yoga becomes more popular than the last year due to ongoing pandemic and everyone wants to be fit. Yoga also is convenient to do at home so no need to go out. This will make yoga more popular and the demand for yoga pants will increase causing a shift in the demand curve for yoga pants towards right signalling a rise. This will cause a rise in the equilibrium quantity and the equilibrium Price.

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