::::IIVU ASKARII:::: do the rectify the error in ECO handouts

Dear Students of ECO401
In lecture 03 handouts, there is a typing mistake in the table given
on page # 12. The corrected table in lecture 03 handouts of ECO401 is
as under:

FACTORS SHIFTING DEMAND CURVE:

Factors Changing Demand
Effect on Demand
Direction of Shift in Demand Curve
Effect on Equilibrium Price
Effect on Equilibrium Quantity

Increase in income (normal good)
Increase
Rightward
Increase
Increase

Decrease in income(normal good)
Decrease
Leftward
Decrease
Decrease

Increase in income (inferior good)
Decrease
Leftward
Decrease
Decrease

Decrease in income(inferior good)
Increase
Rightward
Increase
Increase

Increase in price of Substitute
Increase
Rightward
Increase
Increase

Decrease in price of substitute
Decrease
Leftward
Decrease
Decrease

Increase in price of complement
Decrease
Leftward
Decrease
Decrease

Decrease in price of complement
Increase
Rightward
Increase
Increase

Increase in taste and preference for good
Increase
Rightward
Increase
Increase

Decrease in taste and preference for good
Decrease
Leftward
Decrease
Decrease

Increase in number of consumers
Increase
Rightward
Increase
Increase

Decrease in number of consumers
Decrease
Leftward
Decrease
Decrease

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