DEMAND

SUPPLY

Pe -- expected price

Pog -- price of other goods

1) substitute goods
2) complementary goods
3) independent goods

I -- income

1) normal goods
2) inferior goods

N -- number of POTENTIAL consumers

T -- tastes and preferences

Pe -- expected price

Pog --produced by same firm

Pres -- price of resources

T --technology

T --taxes and subsidies

N -- number of sellers

Increase in Demand

Decrease in Demand

Increase in Supply

Decrease in Supply