transportation than students, because they have more income. Prices of related goods can affect demand also.

If you need a new car, the price of a Honda may affect your demand for a Ford. Finally, the size or composition
of the population can affect demand. The more children a family has, the greater their demand for clothing.

The more driving-age children a family has, the greater their demand for car insurance, and the less for

diapers and baby formula.

These factors matter for both individual and market demand as a whole. Exactly how do these various factors

affect demand, and how do we show the effects graphically? To answer those questions, we need the ceteris

paribusassumption.

The Ceteris ParibusAssumption

A demand curve or a supply curve is a relationship between two, and only two, variables: quantity on the

horizontal axis and price on the vertical axis. The assumption behind a demand curve or a supply curve is that
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