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In order to understand how the price of a product changes the demand elasticity, it is important to consider related goods in the picture as well. So, as an economic student, it is important to realize the basic type of related goods which are: Substitutes and Complements. And if you are not getting any help from your friends, then all you have to do is knock the door of experts. Because we are here to serve you with quality substitutes and complements homework help.
What are substitute goods?
Well, as the name suggests, substitutes are those related where none product is a substitute for the other. In other words, we can say that if goods A and B are substitutes, their demand will be related too. If the price of the good A is constant, whereas the price of the good B decreases, the demand of the good B is increased as compared to good A. For better and detailed information on the same, you can ask our expert team to assist you with required substitutes and complements assignment help.
Another case of the same is when the price of the good A increases while the price of the good B is constant, in that case, B will again be categorized as the substitute of good A as the demand of good A will decrease with increase in price.
The best example of the same is apple and organs. With the price of the apple increases, the consumer might buy fewer apples or no apples at all and buy oranges to substitute apple. You can also include similar examples like this in your assignment. All you have to do is register for our expert services and receive substitutes and complements homework help you deserve!
What are complement goods?
Compliments goods are those related goods which complement each other. As compared to substitute goods, complement goods share a good but a negative elasticity of demand in across.
Let’s consider two goods: good C and good D. If they are complement goods, if the price of the good C increases, which means that demand, will be less, the demand of good D will also be decreased even at a constant price or increased price. In the same way, if the demand of good C increases because of the drop in the price, the demand of good D will also increase.
The best example of the same is a printer and the cartridge used in that printer. So if the price of the printer decreases; it will increase the demand of printer, and therefore, the demand of cartridge will also be increased. On the other hand, if the price of the print increases, it will decrease the demand for the same which means that the demand of the cartridge will also decrease.
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