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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
Income elasticity of demand for inferior goods is negative.
When the price of good rise from Rs 10 per unit to Rs 12 per unit, its quantity demanded falls by 20 percent. Calculate its price elasticity of demand. How much would be the percentage change in its quantity demanded, if the price rises from Rs 10 per unit to Rs 13 per unit?
When the price of good rises from Rs10 to Rs12 per unit, its demand falls from 25 units to 20 units. What can you say about price elasticity of demand of the good through the 'expenditure approach'?
What do you mean by an ‘inferior good’? Give some examples.
What do you mean by substitutes? Give examples of two goods which are complements of each other.
Give reason or explain the following statement.
All desires are not demand.
Define or explain the following concept:
Unitary Elastic Demand
Give reason or explain the following statement:
Concept of Elasticity of Demand helps trade union leaders.
State whether the following statement is true or false. Give valid reasons in support of your answer.
Luxury goods often have lower price elasticity of demand.
Answer the following question.
When the price of X doubles, its quantity demanded falls by 60 percent. Calculate its price elasticity of demand. What should be the percentage change in price so that its quantity demanded doubles?
Give an economic term:
Elasticity resulting from a proportionate change in quantity demanded due to a proportionate change in price.
Assertion (A): Elasticity of demand explains that one variable is influenced by another variable.
Reasoning (R): The concept of elasticity of demand indicates the effect of price and changes in other factors on demand.
Elasticity of demand is equal to one indicates
What will be the effect on price elasticity of demand, if the time required to find the substitute product is more.
State with reasons whether you agree or disagree with the following statement:
The elasticity of demand gets influenced by the nature of the commodity.
Price elasticity of demand is defined as the percentage change in the quantity demanded of a commodity divided by the percentage change in the price of that commodity.
What is meant by elastic demand?
