How tastes and preferences affect demand and market equilibrium

This post goes over one of the determinants of demand and how changes in it can affect the demand curve and the resulting market equilibrium. You can see in the video that tastes and preferences are an important determinant of demand and can shift it in either the right (increasing demand) or left (decreasing demand) directions. This has an effect on the resulting equilibrium price and quantity.
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[@bangtanutopiaa]

This was awesome! Thanks! I have my final tomrrow!

[@FreeEconHelp]

Glad it helped!

[@ndaynipelokazi8215]

is it okay if i only show the demand curves (D and D1) and leave out the supply curve?

[@aboucard93]

Is there a specific formula to show change in taste or preference

[@FreeEconHelp]

Not a particular formula in this case.
If you wanted to demonstrate how it would affect the demand function, it would change the intercept because it is only a shift in the curve and the slope doesn't change.

[@aboucard93]

Free Econ Help thank you

[@dr.shaktidharpandey7412]

Thank you 🙂