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प्रश्न
What do you mean by complements? Give examples of two goods which are complements of each other.
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उत्तर
Those goods that are consumed together are called complementary goods. Example: Tea and sugar. If the price of sugar increases, then it will lead to a decrease in the demand for tea. If the price of tea increases, then it will reduce the demand for sugar.
The demand for a good moves in the opposite direction of the price of its complementary goods. That is,
If the price of tea (PT) increases, then the demand for sugar (DS) decreases.
If the price of sugar (PS) increases, then the demand for tea (DT) decreases.
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संबंधित प्रश्न
The price elasticity of demand for a good is - 0.4. If its price increases by 5 percent, by what percentage will its demand fall? Calculate.
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Define or explain the following concept.
Unitary elastic demand.
State whether the following statement is True or False :
Concept of elasticity of demand is useful for finance minister.
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The concept of elasticity of demand is useful in economic theory.
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All desires are not demand.
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Demand for necessaries is inelastic.
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Demand for goods having snob appeal has elastic demand.
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Give an economic term:
Elasticity resulting from a proportionate change in quantity demanded due to a proportionate change in price.
mention any two examples of composite demand.
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