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How is the demand of a …

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How is the demand of a commodity affected by a fall in the price of related goods

Posted by Nishu Nishu 7 years, 8 months ago

CBSE > Class 12 > Economics

2 answers

Nishu Nishu 7 years, 8 months ago

Tnx arpita for both the ans

Arpita Pandey 7 years, 8 months ago

There are 2 types of related goods- 1) Substitute goods 2) complementary good 1)Let X and Y be substitute goods(say tea and coffee which are bith hot drinks).If price of Y(coffee) falls then a rational consumer would prefer buying coffee instead of tea.Hence, quantity demanded of good X(tea) would fall. 2)Now,let X and Y be complementary goods(say pen and ink).If price of pen falls, there'd be a hike in quantity demanded of ink because without ink pen won't function and vice-versa.

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