Original post by BetaKuk
Need help with this question.
Explain what factors could cause the price of milk to rise?
Explain what factors could cause the price of milk to rise?
Just basic stuff that would increase demand
An increase in population means more people buying milk
An increase in income (if the good is normal yed)
A fall in demand substitute to milk
Lower income tax meaning higher disposable income
An increase in consumer tastes for milk
Inflation
All of these will raise price of milk, all but the last one (inflation) will increase demand shifting the demand curve to the right and as a result increasing price.
Hope that helped
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