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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.
संबंधित प्रश्न
Explain the factors determining the elasticity of demand.
What will be the effect of 10 percent rise in price of a good on its demand if price elasticity of demand is (a) Zero, (b)-1, (c)-2.
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Explain any 'two methods' of measuring price elasticity of demand.
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Demand for basic necessities is inelastic.
What do you mean by substitutes? Give examples of two goods which are complements of each other.
The demand for salt is ______.
Fill in the blank with appropriate alternatives given below:
Income elasticity of demand for inferior goods is __________.
Fill in the blank with appropriate alternatives given below:
Cross elasticity of demand is applicable to ____________ goods.
State whether the following statement is TRUE and FALSE.
Concept of Elasticity of Demand is useful for finance minister.
Define the following concept:
Cross Elasticity of Demand
Give reason or explain the following statement:
Concept of Elasticity of Demand helps trade union leaders.
Write short answer for the following question :
Total outlay method of measuring price elasticity of demand.
Give an economic term:
Elasticity resulting from a proportionate change in quantity demanded due to a proportionate change in price.
The concept of elasticity of demand was introduced by
If a good takes up a significant share of consumers' budget, its demand will be ______.
Identify the correctly matched pair from the items in Column A by matching them to the items in Column B:
| Column A | Column B | ||
| 1 | Relatively Inelastic Demand | (a) | ed > 1 |
| 2 | Relatively Elastic Demand | (b) | ed < 1 |
| 3 | Perfectly Inelastic Demand | (c) | ed = 0 |
| 4 | Perfectly Elastic Demand | (d) | ed = 1 |
Explain the term elasticity of demand.
