explain secondary data ? frnds thos is long question so pls explain goodly
Answers
Secondary data refers to data that is collected by someone other than the primary user. Common sources of secondary data for social science include censuses, information collected by government departments, organizational records and data that was originally collected for other research purposes. Primary data, by contrast, are collected by the investigator conducting the research.
Secondary data analysis can save time that would otherwise be spent collecting data and, particularly in the case of quantitative data, can provide larger and higher-quality databases that would be unfeasible for any individual researcher to collect on their own. In addition, analysts of social and economic change consider secondary data essential, since it is impossible to conduct a new survey that can adequately capture past change and/or developments. However, secondary data analysis can be less useful in marketing research, as data may be outdated or inaccurate.
2. Answer of this ques. In simple words, Complementary Goods are the goods that complete each other. This means that such goods are used in conjunction with one other, which enhances their value. In other words, these goods have no value when they are consumed alone.
. On the other hand, substitute goods are those goods that compete with each other. Meaning that these goods can be used as a replacement for another good..
Explanation:
hope you understands the answer of this ques.
3. ques. answer.
For inferior goods, the income effect dominates the substitution effect and leads consumers to purchase more of a good, and less of substitute goods, when the price rises.