How is the demand for a …

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How is the demand for a good is affected when change in price of other goods?

Posted by Aditi Singh 6 years, 11 months ago

CBSE > Class 12 > Economics

3 answers

Pragya Bhatt 6 years, 11 months ago

When there is change in price of any other good the demand for the given good will increase as it will become relatively cheaper than the other good. For example when price of coffee increases people will decrease the consumption of coffee and will start consuming tea

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Madan Batra 6 years, 11 months ago

When there is change in price and things remain constant there will be extension and contraction of demand. If price of other good increases there will be extension of demand and if prixe of other good decreases there will be contraction of demand

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Khushi Jain 6 years, 11 months ago

Suppose we have our good as pepsi and other food as coke so if the price of other good means coke increase so our good pepsi becomes cheaper as compare to other good i.e coke so demand for our good pepsi incraese due to less price as comapre to other good similarly if price of other good decrease than our good becomes more expensive than other good consumer prefer whose price is less than demand for aur good decrease.

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