Bob sells farm equipment in Iowa and has for twenty years. The last two months he has seen the quantity demanded for high-end tractors decrease by 35% compared to the same time last year. What is a possible explanation for events that have shifted the demand curve?

Question

Business

Erik Mitchell

24 March, 02:52

Bob sells farm equipment in Iowa and has for twenty years. The last two months he has seen the quantity demanded for high-end tractors decrease by 35% compared to the same time last year. What is a possible explanation for events that have shifted the demand curve?

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Answers (1)

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Tucker Hoover · Answer 1

The reason for the shift in the demand curve is that the customers income have decreased

Explanation:

The curve that shows the demand or the utility for a commodity and their relationships are given in the form of curves the price of the commodity and the quantity of the commodity is taken in the form of the x and y axis respectively

When the price gets lowered the higher quantity is demanded when the price decreases the quantity increases there are different types of demand and here the shift is due to which the customers income have decreased