Wednesday, January 13, 2016

Supply and Demand Notesheet - January 11th-12th, 2016


Inferior Good- An increase in income causes a fall in demand
Normal Good- An increase in income causes an increase in demand
Complimentary = Goes together
Substitute = In place of


1 comment:

  1. You should elaborate on complimentary goods as well as substitute. An example for complimentary would be things that go together that effect each others demand, such as burgers and fries, or marshmallows and hot coco. An example of substitute goods would be is they don't have coca cola you would go for sprite if not sprite than dc. pepper and so on. You could also mention how for complimentary goods if the price or demand of some good were to go down same would go for the other. Great blog though!

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