posted by Jennifer on .
how change in "Consumer Taste" and "Change in Expectation" effect upon Supply and Demand in Economic?
In a plenitude of ways. Fashion and other fads come and go, increasing the demand for "hot" products, decreasing for "cold." Producers, in an attempt to make production decisions, try to predict what the future holds with respect to expected demands and expected input costs. If you think about it, Im sure you could come up with examples of how consumer tastes and producer expectations affect supply and demand.