Answer this question… A. When the price of a good goes up, consumers shift their demand to its substitute. B. Substitute goods have perfect unit elasticity for each other. C. Substitute goods tend to have inelastic demand. D. One of the substitutes is usually elastic, while the other is inelastic.
(1. Demand for output (2. Productivity of Labor a.Quality of labor b.Technological progress c.Non-labor outputs (3. Price of other resources(Substitutes and complements)
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.
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.
Law of demand is an important law of economics. It establishes a relationship between price and demand.other things renaming the same when the price of commodity falls its demand will go up likewise,when the price of the commodity rises its demand will fall price and demand moves in opposite direction.there is inverse relationship between demand and price.in other words low price high demand high price low demand.
Elasticity is the percentage change in one variable resulting from a percentage change in another variable. Thus, the price elasticity of demand is the percentage change in quantity demanded of a good resulting from a percent change in its price. Elastic demand means that the percentage change in quantity demanded of the good is greater than the percentage increase in price. This means that the demand for a good is very sensitive relative to price. Therefore, if the price increases by one dollar the quantity demanded for that good will decrease by a lot and if the price decreases by one dollar the quantity demanded for that good will increase by a lot. The determinants of price elasticity of demand are: substitutes of the good, percentage of income the good's price, and the need of the good. Substitutes are other goods that have the same or similar function to the particular good; if there are many substitutes then the price will be elastic in which the primary good becomes too expensive consumers will switch their demand to a close substitute, and if there are not many substitutes the price will be inelastic in which the primary good becomes very expensive consumers will have to buy that good no matter what. If the price of the good is a large percent of the consumer's income the elasticity of demand will be high, since the consumer will not want to spend the majority of their income on one good. If the good is a necessity, for example food, then people will have to buy it no matter the price therefore it will be very inelastic. If the good is a luxury good like a yacht then the demand elasticity will be very elastic.
The rotational direction of Venus and Uranus is opposite to the direction of the rest of the planets.
Friction always acts in the opposite direction, of the other object's motion.
Elastic goods usually have many substitutes, so changes in price will decrease demand. Inelastic goods, on the other hand, have very few substitutes, so demand isn't generally affected by price change.
Elastic goods usually have many substitutes, so changes in price will decrease demand. Inelastic goods, on the other hand, have very few substitutes, so demand isn't generally affected by price change.
Venus is the planet that rotates in the opposite direction to all the other planets.
(1. Demand for output (2. Productivity of Labor a.Quality of labor b.Technological progress c.Non-labor outputs (3. Price of other resources(Substitutes and complements)
Yes, velocity and acceleration can point in the opposite direction to each other. This is because neither one depends on the other. When velocity and acceleration are opposite each other this results in slowing down, for example when you hit the break on your car.
DNA has a double halux strand and the direction of the both halux is opposite to each other i.e the go in opposite direction.
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.
"Ibayo" is a Tagalog word that means "other side" or "opposite side." It can refer to the opposite bank of a river, the other side of a street, or the opposite direction.
yes it does
Neptune does.