Question: help me with this economic problem about demanding Question 3: Pick 2 factors that will shift demand for babysitting (1 to the left, decrease and


help me with this economic problem about demanding


Question 3: Pick 2 factors that will shift demand for babysitting (1 to the left, decrease and 1 to the right, increase). Describe the situation and the results for each determinant. Name the determinant. Then, Graph and show the shift in demand on the graph below. Labels must be accurate. Draw arrows to show shift (P. 0. D1, D2, D3). Ex. The curve D2 shows a decrease in demand and shift to the left as more health guidelines suggesting limiting sugar are released to the public (Taste and Preferences). What causes a shift in demand? 5 Shifters (Determinants) of Demand (TRIBE): 1. Tastes and Preferences (what consumers like) 2 Price of Related Goods 3. Income 4 Number of Buyers/Consumers (NEW consumers entering the market) 5. Future Expectations Changes in PRICE don't shift the curve. It only causes movement ALONG the curve. Description: Example with labels: Price of Milk $5 Decrease in Demand Prices didn't change but people want LESS Milk 2 D2 Demand 20 30 40 50 60 70 80 Q Quantity of Milk Title of Demand Graph # # # # Price per Hour Hours of Babysitting per Month $4.00 55 $5.00 45 $6.00 38 $7.00 32 $8.00 27 $9.00 23
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