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if goods are used together, increased demandfor one will increase demand for the other
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What is the relationship between a complimentary good and the demand for the main product?
A complimentary good is a product that is typically used together with another product. The demand for the main product is positively affected by the demand for its complimentary good. When the demand for the complimentary good increases, it can lead to an increase in the demand for the main product as well.
What happens when the demand for one good or service results in the demand for another?
When the demand for one good or service leads to an increase in the demand for another, it is known as complementary demand. This means that the two goods or services are often used together or are seen as related in some way. As a result, an increase in the demand for one product will typically lead to an increase in the demand for the other.
If a good is normal, then an increase in income will result in what kind of change in demand for the good?
If a good is normal, an increase in income will lead to an increase in demand for the 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.
If a is an inferior good and consumer income risesthe demand for a will?
Inferior goodA good for which an INCREASE(decrease) in consumer income will lead to a DECREASE(increase) in demand for that good.Normal GoodA good for which an INCREASE(decrease) in consumer income will lead to a INCREASE(decrease) in demand for that good.
What is the relationship between a complimentary good and the demand for the main product?
A complimentary good is a product that is typically used together with another product. The demand for the main product is positively affected by the demand for its complimentary good. When the demand for the complimentary good increases, it can lead to an increase in the demand for the main product as well.
What happens when the demand for one good or service results in the demand for another?
When the demand for one good or service leads to an increase in the demand for another, it is known as complementary demand. This means that the two goods or services are often used together or are seen as related in some way. As a result, an increase in the demand for one product will typically lead to an increase in the demand for the other.
If a good is normal, then an increase in income will result in what kind of change in demand for the good?
If a good is normal, an increase in income will lead to an increase in demand for the 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.
If a is an inferior good and consumer income risesthe demand for a will?
Inferior goodA good for which an INCREASE(decrease) in consumer income will lead to a DECREASE(increase) in demand for that good.Normal GoodA good for which an INCREASE(decrease) in consumer income will lead to a INCREASE(decrease) in demand for that good.
Is coke a sub or a comp good?
Your answer depends. A substitute good means a good with increasing demand when the price of another good increases. A complimentary good means a with increasing demand when the price of another good decreases. Examples: Substitute - Two types of coffee (Deer coffee and Starbrand coffee). If the price of Deer coffee increases, then the demand of Starbrand coffee will increase. Complimentary - Hot dogs and hot dog buns. If the price of hot dogs decreases, then the demand of hot dog buns will increase. Compared to Pepsi, Coke is a substitute good. If the price of Coke rose drastically, then more people would buy Pepsi instead (demand for Pepsi would increase).
How will increase in the price of a substitute good shift the demand curve?
An increase in the price of a substitute good will increase demand for the original good, thus shifting the demand curve to the right.
Demand for one good or service that is determined by demand for another good or service is?
derived demand
Demand for one good or service that is determined by demand for another good or service is .?
derived demand
How may changes in prices affect the demand for a good?
Price and demand of a good have inverse relationship. An increase in the prices of a good will lead to fall in the demand of a good and viceversa.
What is the effect of an increase in consumer income on demand for a good?
They both will increase (or decrease).
How do you show on a demand curve an increase in the demand for a good?
You can choose to shift the demand curve to the right i.e. expansion of demand.
