Understanding Demand Curve Shifts

This lecture focuses on understanding how demand curves shift. It begins with a review of the previous lecture on deriving the demand curve using the law of demand and the ceteris paribus assumption. The lecture then explores the concept of demand curve shifts, distinguishing between outward and inward shifts, and their implications on the quantity demanded at various prices. The lecture concludes by emphasizing the importance of understanding these shifts and previews the next topic on why these shifts occur.

What happens to the quantity demanded when there is an outward shift in the demand curve?

How do inward shifts of the demand curve affect the quantity demanded?

What is the significance of the demand curve plotting quantity demanded against price?