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प्रश्न
What do you mean by substitutes? Give examples of two goods which are complements of each other.
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उत्तर
Those goods that can be consumed in place of other goods are called substitute goods. Example: Tea and coffee are goods that can be substitutes for each other. If the price of tea increases, then the demand for tea will decrease and people will substitute coffee for tea, which will increase the demand for coffee.
The demand for a good moves in the same direction as the price of its substitutes.
Price of tea (PT) increases →Demand for tea (DT) decreases →Demand for coffee (DC) increases.
संबंधित प्रश्न
Income elasticity of demand for inferior goods is negative.
Price elasticity of demand for the two goods X and Y are zero and (–) 1 respectively. Which of the two is more elastic and why?
As we move along a downward sloping straight line demand curve from left to right, price
an elasticity of demand : (choose the correct alternative)
(a) remains unchanged
(b) goes on falling
(c) goes on rising
(d) falls initially then rises
Price elasticity of demand of a good is (-)1. When its price per unit falls by one rupee, its de from 16 to 18 units. Calculate the price before a change
A consumer buys 30 units of a good at a price of the Rs10per unit. The price elasticity of demand for the good is (-) 1. How many units will the consumer buy at a price of Rs 9 per unit? Calculate.
Write short notes on the Proportional method of measuring the elasticity of demand.
Write a short note on factors determining elasticity of demand.
Explain price elasticity of demand.
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
Define or explain the following concept:
Income Elasticity of Demand
Define price elasticity of demand.
Give economic term:
Elasticity resulting from infinite change in quantity demanded.
Give an economic term:
Elasticity resulting from a proportionate change in quantity demanded due to a proportionate change in price.
If quantity supplied increases by 60% due to a 50% increase in price, then elasticity of supply is ______
If a good takes up a significant share of consumers' budget, its demand will be ______.
Elasticity of the demand is available when:
Assertion (A): The elastic demand curve for luxuries is flatter than normal.
Reason (R): The coefficient of Elasticity ranges between 0 and 1.
As a result of 5% fall in the price of a good, its demand rises by 12%, the demand for the good will said be ______.
