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प्रश्न
How is the demand of a commodity affected by changes in the price of related goods? Explain with the help of diagrams.
आकृति
स्पष्ट कीजिए
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उत्तर
1. Substitute Goods: Substitute goods are those goods which can be used in place of each other, such as tea and coffee.
- When the price of coffee rises, the demand for tea increases.
- When the price of coffee falls, the demand for tea decreases.
Thus, there is a direct relationship between the price of a substitute good and the demand for the given commodity.
2. Complementary Goods: Complementary goods are those goods which are used together, such as tea and sugar.
- When the price of sugar rises, the demand for tea decreases.
- When the price of sugar falls, the demand for tea increases.
Thus, there is an inverse relationship between the price of a complementary good and the demand for the given commodity.
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