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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 eating chicken because they bioth have protein, this is a substitute. If the price of chicken then increases, more people would be willing to buy beef since it is cheaper..
-> Complimentary items are used in conjuction to each other, in other word, you need to buy both for something to typically work. eg. peanut butter and jelly are used in conjuction to each other and there fore are complimentary items. so if the price of peanut butter then increases, more people will decrease in buying both peanut butter and jelly because they are typically purchased together.
What else can I help you with?
What is the difference between substitute goods and complementary goods?
Substitute goods are products that can be used in place of each other, while complementary goods are products that are used together.
What is the difference between complementary and substitute goods?
Complementary goods are products that are used together, while substitute goods are products that can be used in place of each other.
What is the difference between complementary goods and substitute goods?
Complementary goods are products that are used together, such as peanut butter and jelly, while substitute goods are products that can be used in place of each other, like butter and margarine.
What is the difference between substitute goods and complementary goods in terms of their impact on consumer demand and purchasing behavior?
Substitute goods are products that can be used in place of each other, while complementary goods are products that are used together. Substitute goods have a negative relationship in demand, meaning an increase in the price of one will lead to an increase in demand for the other. Complementary goods have a positive relationship in demand, meaning an increase in the price of one will lead to a decrease in demand for the other. This impacts consumer purchasing behavior as they may switch between substitute goods based on price changes, while they may buy complementary goods together.
What are complimentary goods?
Complimentary means free Einstein. I hope someone gives you a complimentary dictionary.
What is the difference between substitute goods and complementary goods?
Substitute goods are products that can be used in place of each other, while complementary goods are products that are used together.
What is the difference between complementary and substitute goods?
Complementary goods are products that are used together, while substitute goods are products that can be used in place of each other.
What is the difference between complementary goods and substitute goods?
Complementary goods are products that are used together, such as peanut butter and jelly, while substitute goods are products that can be used in place of each other, like butter and margarine.
Changes in demand are caused by each?
1. change in prices 2. change in price of substitute goods 3. change in price of complimentary goods 4. change in taste and preferences
What is the difference between substitute goods and complementary goods in terms of their impact on consumer demand and purchasing behavior?
Substitute goods are products that can be used in place of each other, while complementary goods are products that are used together. Substitute goods have a negative relationship in demand, meaning an increase in the price of one will lead to an increase in demand for the other. Complementary goods have a positive relationship in demand, meaning an increase in the price of one will lead to a decrease in demand for the other. This impacts consumer purchasing behavior as they may switch between substitute goods based on price changes, while they may buy complementary goods together.
What are complimentary goods?
Complimentary means free Einstein. I hope someone gives you a complimentary dictionary.
What is the difference between complementary and substitute goods, and can you provide one example of each type of good?
Complementary goods are products that are used together, where the demand for one good increases the demand for the other. An example of complementary goods is peanut butter and jelly. Substitute goods are products that can be used in place of each other, where the demand for one good increases as the price of the other good increases. An example of substitute goods is Coke and Pepsi.
How do consumers differentiate between complementary and substitute goods when making purchasing decisions?
Consumers differentiate between complementary and substitute goods based on how they are used together or in place of each other. Complementary goods are products that are used together, like peanut butter and jelly, while substitute goods are products that can be used interchangeably, like Coke and Pepsi. Consumers consider factors like price, quality, and personal preferences when deciding between complementary and substitute goods.
How do you increase revenue for complementary goods?
You don't get revenue on complimentary goods.
What is the difference between a consumer and a producer substitute economics?
A consumer substitute refers to two goods that are alternative choices for a consumer for example Coke and Pepsi. A producer substitute refer to products that are alternative choices for producers and could have been produced using the same resources for example wheat and barley.
Difference between expenditure on final goods and expenditure on intermediate goods?
The difference between intermediate goods and final goods is in their nature. Intermediate goods are finished goods which can be used to make other good like wool. The final goods are sold to consumers like a woolen coat.
The difference between revenue from sales and cost of goods sold?
Difference between revenue from sales and cost of goods sold is called "Gross profit".
