--%>
Assignment Help - homework help

Extension/contraction and shift in demand

Differentiate between extension/contraction and shift in demand?

E

Expert

Verified

Comparison between extension/contraction and shift in demand are as given here:

Extension/Contraction of Demand:

  • Demand is varying because of changes within price
  • Other factors as preferences, taste and income and other remaining similar.
  • Consumer moves beside identical demand curve

Shift in Demand:

  • Demand is varying because of changes in other factors
  • Price of commodity remain similar
  • Consumer may shifts to higher/lower demand curve.

   Related Questions in Managerial Economics

  • Q : Determine what would contain in

    Please help me to solve the problem of economic that is given below: Economic capital would comprise: (w) corporate bonds. (x) money. (y) machinery. (z) sports cars. Can someone

    		•
  • Q : Household Assets and the Supply of Labor

    The most valuable assets of many households are the household’s: (1) money and jewelry. (2) homes and real estate. (3) human capital and labor. (4) stocks and bonds. (5) bank accounts. How can I solve my Economics

  • Q : Adjust inputs of labor other resources

    Firms adjust their inputs of labor or other resources till: (w) revenue is maximized. (x) employment is maximized. (y) marginal product of labor is maximized. (z) profit is maximized. Please choose the right answer

    		•
  • Q : Occupational Licensing The capability

    The capability of otherwise qualified workers to involve in particular careers or enter specific professions is probably most inhibited from: (1) occupational licensing. (2) wage discrimination. (3) segregation in our school system. (4) union labor contracts. (5) scre

    		•
  • Q : Influenced demand for labor When the

    When the demand for labor influenced by the minimum wage is wage elastic, increasing the minimum wage would: (w) increase total wages received by low wage workers. (x) reduce total wages received by low wage workers. (y) not affect th

    		•
  • Q : Explain the concept of revenue Explain

    Explain the concept of revenue.

    		•
  • Q : Government license in operating

    Gilligan is hiring new workers to help run his Island Getaway resort. Gilligan makes a decision that he will not hire a new worker unless they have been properly trained and certified into wilderness survival and have a license by the government to operate watercraft.

    		•
  • Q : Concept of derived demand The concept

    The concept of derived demand means that: (w) consumer demands for goods depend on the utilities received from their use. (x) firms’ demands for resources depend upon consumer demands for the goods produced. (y) governmental demands for social g

    		•
  • Q : Explain the Proportional Method of

    Explain the Proportional Method of Measurement of Elasticity.

    		•
  • Q : Income Effects and Substitution Effects

    When the substitution effect of a higher wage rate is more powerful than the income effect, in that case the: (1) supply curve of labor will be positively sloped. (2) demand for leisure increases as income rises. (3) human capital eff

    		•