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Supply & Demand and Price Elasticity Paper

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Explain what causes changes in supply and demand in 350 words with APA format in-text citations.

Please see reading material attached.

(APA for material attached)
Mankiw, N. (2007). Principles of Economics (4th ed.). Mason, OH: Thomson South-Western

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The response guides about supply and demand, and price elasticity paper.

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Explain what causes changes in supply and demand in 350 words with APA format in-text citations.

As per csun.edu, "Demand is the relationship between the price of a good and the quantity of the good that consumers are willing and able to buy." Factors causing changes in demand are:

?Income and wealth
? prices of substitutes and complements
? population
? preferences

Hence things that would cause a rightward shift are:
- Increase in Income
- Favorable change in taste for the product
- Increase in population
- Increase in price of substitutes

Let us take few examples:
Demand for small automobiles such as ...

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