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What effect does a complementary goods price have on the demand of another good?
Wiki User
∙ 12y ago
Complementary goods are consumed in conjunction with each other, this means their demand moves in the same direction. An increase in price of one good lowers it's demand, less of it is consumed and less of the complement good is also consumed. The opposite occurs when price falls, demand for both goods increases.
Wiki User
∙ 12y ago
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What is price of related goods in demand?
Price of related goods in demand means prices of substitute goods and complementary goods.
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What will happen to demand for a commodity if the price of its complementary falls?
Complement goods are those goods which uses collectively or side by side e.g petrol and cars. If the demand of one good changes then demand of other good move in the same direction. If the price of product complementary falls then the demand of complementary product increases according to the demand law which in turn increase the demand of product. Suppose the prices of petrol falls which will increase the demand of petrol which in turn in increase the demand of cars.
What is complementary goods?
Good that is used together with another good.
How do substitute goods and complementary goods affect demand for another good?
Substitutes and complements is the fact that a change in price of one of the goods has an impact on the demand for the other good. For substitutes, an increase in the price of one of the goods will increase demand for the substitute good. (It's probably not surprising that an increase in the price of Coke would increase the demand for Pepsi as some consumers switch over from Coke to Pepsi.) It's also the case that a decrease in the price of one of the goods will decrease demand for the substitute good.
What is price of related goods in demand?
Price of related goods in demand means prices of substitute goods and complementary goods.
What are some complementary goods for shampoo?
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Define complementary goods and substitutes?
A and B are said to be complementary goods if the price of A decreases (increases) will result an increase (decrease) of the demand of B. In addition, they are goods usually consumed together.
What will happen to demand for a commodity if the price of its complementary falls?
Complement goods are those goods which uses collectively or side by side e.g petrol and cars. If the demand of one good changes then demand of other good move in the same direction. If the price of product complementary falls then the demand of complementary product increases according to the demand law which in turn increase the demand of product. Suppose the prices of petrol falls which will increase the demand of petrol which in turn in increase the demand of cars.
What are the non-price determinants of Demand?
Income, Substitutes, complementary goods, tastes and preferences are some of the non-price determinants of demand.
What is complementary goods?
Good that is used together with another good.
How do substitute goods and complementary goods affect demand for another good?
Substitutes and complements is the fact that a change in price of one of the goods has an impact on the demand for the other good. For substitutes, an increase in the price of one of the goods will increase demand for the substitute good. (It's probably not surprising that an increase in the price of Coke would increase the demand for Pepsi as some consumers switch over from Coke to Pepsi.) It's also the case that a decrease in the price of one of the goods will decrease demand for the substitute good.
What is demand for a factor?
Demand for a factor is the demand for a particular thing. Demand changes as per demand functions There are basically five demand functions as follows 1. Price 2. Income 3. Price Of substitute goods 4. Price of complementary goods 5. Taste & Preference
What is indirect demand?
Indirect demand refers to the demand for goods or services that arises from the demand for another good or service. This can occur when one product is necessary for using another product, causing a ripple effect in the demand chain. For example, the demand for automobile tires is indirectly driven by the demand for automobiles.
List six demand shifters and the direction in which they shift demand?
You can remember the Six demand Shifters by learning this acronymIncomeNuber of ConsumersSubstitute goods price changeExpectation[Consumers]Complementary goodsTaste/Preference
A graph of a complementary good in economics?
A graph of complimentary goods in economics represents the relationship between the price of of commodity & demand for it's complementary. Thus it shows a inverse relationship.
What are the non price determinants?
Income, Substitutes, complementary goods, tastes and preferences are some of the non-price determinants of demand.
