 And we are going to study the determinants of demand. What are the factors that are going to affect the demand? When we see that the consumer is having different level of the quantity demanded at various places, at various time or due to any other factor. So, we are in a need to evaluate that what are the factors that can cause the consumer to shift its demand. Now, I have used the word of shift. When we say the change in the price, we say due to the change in the price, how consumer is going to change in the demand. But when we see the demand, it is affect by the various factor. So, when these factor they will change, this change will not only cause a particular shift of the one commodity, they have the ability to totally shift the consumption bundle or the total shift of the consumer. So, all the factors that affect consumer demand other than its own price, they will be called the determinants of the consumer demand or we can say the demand shift. A change in any one of these factors that can be able to explain the change in the demand or they can be the cumulative change means you see a factor can change. Now, sometimes there can be the change of 1, 2, 3 factor and this cumulative change can cause the change in the consumer demand. When we see this graph, we can see that this is not the indifference curve, rather it explains the relationship of here the price and here it is the quantity demanded. So, relationship between the price and the quantity, this is the change in the consumer demand and I can draw various bundles on this. So, this will be change along the one demand curve and this change we can see this change is due to the change in price. But when we include many other factors that they cause the change, so that change will not be along this demand curve rather now this demand curve will be either shifted towards this or there is a possibility that this is shifted towards this side in the decrease. So, if we take this central demand curve that is exhibited here, there is a case that this is on the right side means increase in the demand or the shift in the demand and here it is on the left side decrease in the demand. So, demand shifter will cause the total shift of the demand curve either on the right side or either on the left side. These shifters now they are listed here. Number one, the tastes. When we have studied the change in the price and due to this price what is the change in the quantity demanded, we kept all other factors constant. So, these factors now we will include their effect. So, when we will include the change in these factors, now we will not include the change of the price. Means, just like when we were looking at the quantity, when we were looking at the price, all these factors were constant. So, when we want to assess the shift of demand due to all these factors, then we will assume the quantity of the consumer whose demand, we will assume the price that is related to it so that only these points are in front of us. The first point we have is the taste. Mostly we assume that the consumer always keeps its taste constant because it is required through the consistency part. But this taste, it may vary from one time to other or this taste may evolve with the passage of time or over the aging. And likewise, today's life when there is a huge influx of marketing or the branding that can change or influence the consumer's rational behavior or the consumer's taste can change. So, when we see the other things, there are the number of buyers and the income. Here the number of buyers means if there will be the increase in the number of the buyers in the market in that form. So, when there will be more and more buyers in the market, it means that increase will also cause the change in the demand because there will be possibility that the competition will enhance and due to that competition, the market price may change or if the price is not going to change, people they are going to behave differently. Sometimes people have the behavior that they are going to purchase that thing that is mostly adopted by many people. So, if the behavior of the people is like this, that they are a follower of others, so when a lot of people use that thing, they increase their demand and like this, some people are considered snobbish, so they reduce their demand when they see that more people are going to purchase that commodity. Like this consumer's income, if the nominal income of the consumer is changed and the budget line is enhanced, then it has quite a possibility that they shift their demand to the right side and increase. And likewise, if their budget and income is reduced, now here we will talk about nominal income again and again. Here we are not talking about real income, I mean this is the actual amount of the income that we call it in the form of take-home salary or in the form of nominal income that has purchasing power. By increasing it, the consumer can increase or decrease their demand to reduce their income. So, this is his money income. Price of commodity and when we see here, price of commodity means price of other commodities. So, if we move away from that commodity and change the prices of other commodities, then the demand of the consumer is different from that of the commodity. And sometimes because of their interplay, the consumer can shift their total demand. The consumer's expectation can be related to future change and because of that, he can shift his demand. So, sometimes if we assume in his expectation that he says that there will be higher future prices in the future, then it is possible that he expects or anticipates the higher future prices because the price is not high in the future. In today's times, when he does not even need it, he increases his demand and when he starts purchasing more and more things about it, then in the form of storage, we say that he starts dumping in the house. If we look at the expectations of this type, then sometimes we see this in durable goods.