4.3 Changes in supply and demand.
Price expectations: Relate to views on future prices: will prices rise or fall in the future.
Situatie 1: Demand shifts right:
- For a normal good when income increases, or for an inferior good when income falls.
- Following an increase in the price of the substitute.
- Following a reduction in the price of a complement.
- When tastes and preferences for this good improve.
Situatie 2: Demand shifts left:
- For a normal good when income falls, or for an inferior good when income rises.
- Following a decrease in the price of the substitute.
- Follwing an increase in the price of a complement.
- When tastes and preferences for this good deteriorate
Situatie 3: Supply shifts right:
- If more firms enter the market.
- If the cost of inputs, such as labour, becomes cheaper.
- If technological developments bring about productivity gains.
Situatie 4: Supply shifts left:
- If firms exit the market.
- If the cost of inputs, such as labour, becomes expensive.

Elasticity in the equilibrium:
Elasticity of supply: %?Qs/%?P OF (dQs/dP) x (P/Qs) = Afgeleide x (P/Qs)
Elasticity of demand: %?Qd/%?P OF (dQd/dP) x (P/Qd) = Afgeleide x (P/Qd)