Question

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ᴡʜᴀᴛ ᴀʀᴇ ᴛʜᴇ ᴅɪғғᴇʀᴇɴᴄᴇs ʙᴇᴛᴡᴇᴇɴ sᴜʙsᴛɪᴛᴜᴛᴇ ɢᴏᴏᴅs ᴀɴᴅ ᴄᴏᴍᴘʟᴇᴍᴇɴᴛᴀʀʏ ɢᴏᴏᴅs ?​

Answer 1

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Substitute goods (or simply substitutes) are products which all satisfy a common want and complementary goods (simply complements) are products which are consumed together. Demand for a product's substitutes increases and demand for its complements decreases if the product's price increases.

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Answer 2

Answer:

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$\huge\rm\underline\purple{sᴜʙsᴛɪᴛᴜᴛᴇ \:ɢᴏᴏᴅs}$

• These are the goods which can be used in place of another for the satisfaction of specific want.
• In the case of these goods, there is always a positive relationship between the price of a commodity and quantity demanded.
• Cross Demand The cross demand is positive for these goods.
• Less than One. i.e. EY<1
• The increase in the price of a commodity increases the demand for substitute goods and vice versa.
• Some of the examples are- Chrome and Firefox, Nike and Adidas, Maggi and Noodles etc.

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• These are the goods which are used together to satisfy a specific want.
• There is always an inverse relationship between the price of the commodity and quantity demanded these goods.
• For these goods, the cross demand is negative.
• Less than zero. i.e. EY<0.
• The increase in the price of a commodity decreases the demand for complementary goods and vice versa.
• Some of the examples are- Coffee and cheesecake, Pencils and erasers, shoes and polish etc.

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