Price of related goods in demand means prices of substitute goods and complementary goods.
Demand for good or service increases if the price of related goods increases, and vice versa.
Price of related goods fall into two categories: substitutes and complements. Complements are when a price decrease in one good increases the demand of another good. Substitutes are when a price decrease in one good decreases the demand for another good.
Demand relies on popularity, price of related goods, population, and disposable income.
yes
The price of a given commodity will determine both the demand and the availability of goods. If the price is reduced the demand of the goods will increase and the availability of the goods will reduce.
Demand for good or service increases if the price of related goods increases, and vice versa.
Price of related goods fall into two categories: substitutes and complements. Complements are when a price decrease in one good increases the demand of another good. Substitutes are when a price decrease in one good decreases the demand for another good.
Demand relies on popularity, price of related goods, population, and disposable income.
yes
The price of a given commodity will determine both the demand and the availability of goods. If the price is reduced the demand of the goods will increase and the availability of the goods will reduce.
the price of the good, customer income,tastes, expectations,number of buyers,price of related goods.
Future price is not related to current demand
prices of goods and servicesincome of consumersprices related to goods and servicesexpected future price of productsnumber of consumers in a market
1. Population 2. Income 3. Tastes and Preferences 4. Price Expectations 5. Prices of Related Goods
PRICE
Law of demand is the higher the price the lower of goods demand for
changes in price of related goods e.g. subsitutes and complementschange in income e.g. normal goods/inferior goodschanges in tasteschanges in expectations.