Question

explain how change in price of the substitute commodity y (related to commodity x) would affect market equilibrium with respect to commodity x​

Answer 1

Answer:

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Explanation:

Increase in the price of the substitute commodity-Y would cause increase in the demand for X, implying a forward shift in demand curve for X. Conversely, decrease in the price of the substitute commodity-Y would cause backward shift in demand curve for X.

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