The difference between substitute and complimentary is:A substitute is something used instead of a particular good or service, eg. for dinner , if you decide to eat beef instead of...
1 Answers 1 viewsThe price consumption curve is upward-sloping if X and Y are substitute goods. The own price elasticities of demand for these goods may be different and cross price elasticity of...
1 Answers 1 viewsEntrepreneurs might be able to make goods more price inelastic by increasing the price for those goods said to be inelastic such as basic goods which people can not do...
1 Answers 1 viewsPrice Elasticity of Demand (Ed) = Percentage Change in Quantity Demanded / Percentage Change in Price(-)0.2 = -10 / Percentage Change in PricePercentage Change in Price = -10 / -0.2...
1 Answers 1 viewsA change in the price of a complement-in-production causes a change in supply and a shift of the supply curve. A decrease in the price of one complement good causes...
1 Answers 1 viewsIn case of inferior goods, quantity demanded varies inversely with price when negative income effect is weaker than the substitution effect. In other words, even in case of inferior goods...
1 Answers 1 viewsIf the price of good 1 increases ,the budget line shifts inwards, this will pivot the budget line towards the intercept of good 2. Good 1 won't be bought in...
1 Answers 1 viewsAn increase in the price level (Inflation) will cause an increase in average interest rates in an economy.
1 Answers 1 viewsSubstitutes
1 Answers 1 viewsA. The difference between the wholesale and resale prices
1 Answers 1 views