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The following determinants cause shifts in The following determinants cause shifts the entire demand curve: in the entire supply curve: *change in consumer tastes *change in the number of buyers *change in consumer incomes *change in the prices of complementary and substitute goods *change in consumer expectations • • • • • • • change in input prices change in technology change in taxes and subsidies change in the prices of other goods change in producer expectations change in the number of suppliers Any factor that increases the cost of production decreases supply. • Any factor that decreases the cost of production increases supply. Assignment: With a partner, come up with a fictional situation for a real product of your choice for each of these situations (feel free to make them funny). You need to, explain how the statement relates to the determinant, and you will need to graph it showing the change in equilibrium price/Quantity