A change in price for a particular good is the most common factor that would not shift the demand curve for beef, explains Tutor2U. In contrast, things that do influence the demand curve for items, such as beef, include: population, change in consumers' incomes or change in tastes and preferences.Continue Reading
Tutor2U goes on to explain that a change in the price of beef does not result in shifting of the demand curve, because the demand curve defines a relationship of the quantity desired at various price points. However, increased prices of substitute goods such as chicken, pork or fish may shift demand away from substitute goods and towards beef, therefore shifting the demand curve for beef to the right towards an increased quantity desired.
Similarly, if the price of a complement to beef such as spices or toppings is increased, it can shift the demand curve for beef to the left, towards less beef being desired, explains North Carolina State University. An increase or decrease in consumer income can also increase or decrease demand for beef respectively. Similarly, if interest rates are changed that alter individuals' disposable incomes, it shifts the demand curve for various goods such as beef. Increases or decreases in consumer population affect the overall demand for a particular good such as beef at all price points.
Expectations about future income and prices can also shift the demand curve today; for example, if people expect price increases on beef in the future, the demand curve may shift to the right today, reflecting people's desire to buy beef before the price goes up.Learn more about Economics