00:01
Which are the following shifts the demand curve for oranges? the quantity demanded is a function of five factors.
00:06
So there's five different factors that can shift the demand curve for oranges.
00:10
Their price, a buyer's income, the price of related goods, consumer tastes, and any consumer expectations for future supply and demand.
00:20
If any of these factors change, so too does the demand for oranges.
00:24
If the price of oranges goes up, so let's look at price, the law of demand states that when price rises, the quantity of demand falls, and when the price drops, demand will grow.
00:35
So if the price of oranges drops, i'm more likely to buy more because they're cheaper, so i might buy less apples and more oranges, for example.
00:45
But if the price of oranges goes up, i may not buy as many.
00:48
I might buy a different fruit instead.
00:51
When income rises, so will the quantity demand it.
00:54
And when income falls, so will demand.
00:56
However, if your income doubles, this does not mean you're always going to buy twice as much of a particular good or service.
01:04
After all, i don't necessarily want or will eat twice the number of oranges.
01:10
Let's say i normally buy four oranges a week, and that's how many i eat in a week.
01:15
If my income doubles, it does not mean i'm going to buy eight oranges for a week because maybe i'm not going to eat eight oranges, but maybe i'll buy five or six.
01:22
But just because my income doubles doesn't mean i'm going to buy twice as many oranges.
01:28
Price of related goods.
01:29
The price of complementary goods or services raises the cost of using the product you demand.
01:36
So you'll want less...