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The Economics of LPs & CDs The case studies the reasons for shifts in demand for LPs and CDs, the particular factors affecting the demand, the limited supply for LPs and price change of records. Demand reflects both consumer willingness and consumer ability to purchase particular good at each possible price. The ability to purchase goods is based on income, the greater the income, the greater this purchasing ability. An increase in income will normally increase demand- that is, at each price level the quantity demanded will increase. The shifts in demand for goods and in this case for LPs and CDs might be determined by several factors, changes in income, changes in prices of related goods, changes in price expectations, changes in the number of consumers and changes in tastes. A change in any of these determinants could cause the demand curve to shift. Market demand is...

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