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Search results “Complementary product demand”
How Substitutes and Complements Affect Demand
 
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This video shows how changes in the price of a related good (a substitute or complement) can affect demand for a good. Decreases in the price of a substitute decrease demand for a good, while increases in the price of a substitute increase demand for a good. Conversely, decreases in the price of a complement increase demand for a good, while increases in the price of a complement decrease demand for a good. Edspira is your source for business and financial education. To view the entire video library for free, visit http://www.Edspira.com To like Edspira on Facebook, visit https://www.facebook.com/Edspira To sign up for the newsletter, visit http://Edspira.com/register-for-newsletter Edspira is the creation of Michael McLaughlin, who went from teenage homelessness to a PhD. The goal of Michael's life is to increase access to education so all people can achieve their dreams. To learn more about Michael's story, visit http://www.MichaelMcLaughlin.com To follow Michael on Twitter, visit https://twitter.com/Prof_McLaughlin To follow Michael on Facebook, visit https://www.facebook.com/Prof.Michael.McLaughlin
Views: 22820 Edspira
Ex: Complementary and Substitute Goods - Demand Function
 
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This video provides an example of how to evaluate a demand function for two products and then decide if the products are complementary or substitutes. Site: http://mathispower4u.com
Views: 8789 Mathispower4u
Effect of Complements on Demand
 
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See more videos at: http://talkboard.com.au/ In this video, we look at complementary goods. Complementary goods are those which accompany the consumption of another good; without complementary goods the initial good essentially becomes redundant. Take petrol and cars as an example. This video will examine how changes in the price of a complementary item can affect the market for the other item.
Views: 5820 talkboard.com.au
Price of related products and demand | Microeconomics | Khan Academy
 
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How changes in the price of related goods can shift demand Watch the next lesson: https://www.khanacademy.org/economics-finance-domain/microeconomics/supply-demand-equilibrium/demand-curve-tutorial/v/change-in-expected-future-prices-and-demand?utm_source=YT&utm_medium=Desc&utm_campaign=microeconomics Missed the previous lesson? https://www.khanacademy.org/economics-finance-domain/microeconomics/supply-demand-equilibrium/demand-curve-tutorial/v/law-of-demand?utm_source=YT&utm_medium=Desc&utm_campaign=microeconomics Microeconomics on Khan Academy: Topics covered in a traditional college level introductory microeconomics course About Khan Academy: Khan Academy offers practice exercises, instructional videos, and a personalized learning dashboard that empower learners to study at their own pace in and outside of the classroom. We tackle math, science, computer programming, history, art history, economics, and more. Our math missions guide learners from kindergarten to calculus using state-of-the-art, adaptive technology that identifies strengths and learning gaps. We've also partnered with institutions like NASA, The Museum of Modern Art, The California Academy of Sciences, and MIT to offer specialized content. For free. For everyone. Forever. #YouCanLearnAnything Subscribe to Khan Academy's Microeconomics channel: https://www.youtube.com/channel/UC_6zQ54DjQJdLodwsxAsdZg Subscribe to Khan Academy: https://www.youtube.com/subscription_center?add_user=khanacademy
Views: 611482 Khan Academy
Complementary and substitute products
 
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AS Business complementary and substitute products, how they might be combined. How price of one effects the demand of the other.
Views: 1857 Revisionstation
Complementary Product (Goods) VS Substitute Product (Goods) ? Urdu / Hindi
 
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This Video Give The Basic Concept & Basic Logic's Of What is Complementary Product (Goods) & Substitute Product (Goods) ? Urdu / Hindi ZPZ Education Channel Link: www.youtube.com/channel/UCwFzeQDf9cGm_ZeTXV_t5SA
Views: 945 ZPZ Education
Cross Price Elasticity of Demand
 
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This topic video looks at cross price elasticity of demand and in particular the distinction between substitute and complementary products. A Level Economics Revision Flashcards These superb packs of revision flashcards contain everything you need to cover for AQA & Edexcel A Level Economics A 20% discount is automatically applied if you order 4 or more flashcard packs in the same order! https://www.tutor2u.net/economics/store/selections/alevel-economics-revision-flashcards For more help with your A Level / IB Economics, visit tutor2u Economics http://www.tutor2u.net/economics If you find this topic video helpful, please SUBSCRIBE to our YouTube Channel For more help with Economics: Follow tutor2u Economics on Twitter: https://twitter.com/tutor2uEcon https://twitter.com/tutor2uGeoff - - - - - - - - - MORE ABOUT TUTOR2U ECONOMICS: Visit tutor2u Economics for thousands of free study notes, videos, quizzes and more: https://www.tutor2u.net/economics A Level Economics Revision Flashcards: https://www.tutor2u.net/economics/store/selections/alevel-economics-revision-flashcards A Level Economics Example Top Grade Essays: https://www.tutor2u.net/economics/store/selections/exemplar-essays-for-a-level-economics
Views: 39185 tutor2u
How a price change affects demand for a substitute good
 
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This post goes over two separate markets for substitute goods when their is a price change in one of those goods. Both markets begin in equilibrium and then a change in one affects the other. More information on this topic can be found at http://www.freeeconhelp.com/2014/07/what-happens-when-price-of-substitute.html
Views: 9568 Free Econ Help
What is COMPLEMENTARY GOOD? What does COMPLEMENTARY GOOD mean? COMPLEMENTARY GOOD meaning
 
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What is COMPLEMENTARY GOOD? What does COMPLEMENTARY GOOD mean? COMPLEMENTARY GOOD meaning - COMPLEMENTARY GOOD definition - COMPLEMENTARY GOOD explanation. Source: Wikipedia.org article, adapted under https://creativecommons.org/licenses/by-sa/3.0/ license. In economics, a complementary good or complement is a good with a negative cross elasticity of demand, in contrast to a substitute good. This means a good's demand is increased when the price of another good is decreased. Conversely, the demand for a good is decreased when the price of another good is increased. If goods A and B are complements, an increase in the price of A will result in a leftward movement along the demand curve of A and cause the demand curve for B to shift in; less of each good will be demanded. A decrease in price of A will result in a rightward movement along the demand curve of A and cause the demand curve B to shift outward; more of each good will be demanded. Basically this means that since the demand of one good is linked to the demand of another good, if a higher quantity is demanded of one good, a higher quantity will also be demanded of the other, and if a lower quantity is demanded of one good, a lower quantity will be demanded of the other. The prices of complementary goods are related in the same way: if the price of one good rises, so will the price of the other, and vice versa. With substitute goods, however, the price and quantity demanded of one good is related inversely to the price and quantity demanded of a substitute good, meaning that if the price or quantity demanded of one good rises, the price or quantity demanded of its substitute will fall. When two goods are complements, they experience joint demand. For example, the demand for razor blades may depend upon the number of razors in use; this is why razors have sometimes been sold as loss leaders, to increase demand for the associated blades. Recent work in food consumption has elucidated the psychological processes by which the consumption of one good (e.g., cola) stimulates demand for its complements (e.g., a cheeseburger, pizza, etc.). Consumption of a food or beverage activates a goal to consume its complements: foods that consumers believe would produce super-additive utility (i.e., would taste better together). Eating peanut-butter covered crackers, for instance, increases the consumption of grape-jelly covered crackers more than eating plain crackers. Drinking cola increases consumers' willingness to pay for a voucher for a cheeseburger. This effect appears to be contingent on consumers' perceptions of what foods are complements rather than their sensory properties.
Views: 3257 The Audiopedia
Example Income and Subsitution Effects For Normal and Inferior  Goods
 
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Tutorial on understanding the income and substitution effects for normal and inferior goods when the price of a good rises and income and substitution effects for normal and inferior goods with a price decrease. Playlist on Consumer Theory http://www.youtube.com/playlist?list=PL2D7155066C3E2720 MyBookSucks http://www.FaceBook.Com/PartyMoreStudyLess Created by David Longstreet, Professor of the Universe, MyBookSucks http://www.linkedin.com/in/davidlongstreet
Views: 358219 Economicsfun
How a change in income affects demand
 
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This video goes over the effects that a change in income will have on the supply and demand model, and how equilibrium quantity and price will change. The video also includes a discussion of normal vs. inferior goods and what difference this will have on the resulting changes. More informaiton can be found on this topic at http://www.freeeconhelp.com/2012/02/how-change-in-income-changes-demand-and.html
Views: 6489 Free Econ Help
What are Normal Goods?
 
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A normal good describes all goods and services for which demand increases when income increases. --------------------------------------------------------------- Subscribe for new videos every Tuesday! http://bit.ly/1Rib5V8 Dictionary of Economics Course: http://bit.ly/2uMVR8T Additional practice questions: http://bit.ly/2LjcQtK Ask a question about the video: http://bit.ly/2Lyu99j Help translate this video: http://bit.ly/2OgZo7E
Normal and inferior goods | Supply, demand, and market equilibrium | Microeconomics | Khan Academy
 
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How the demand for some goods could actually go down if incomes go up Watch the next lesson: https://www.khanacademy.org/economics-finance-domain/microeconomics/supply-demand-equilibrium/demand-curve-tutorial/v/inferior-goods-clarification?utm_source=YT&utm_medium=Desc&utm_campaign=microeconomics Missed the previous lesson? https://www.khanacademy.org/economics-finance-domain/microeconomics/supply-demand-equilibrium/demand-curve-tutorial/v/changes-in-income-population-or-preferences?utm_source=YT&utm_medium=Desc&utm_campaign=microeconomics Microeconomics on Khan Academy: Topics covered in a traditional college level introductory microeconomics course About Khan Academy: Khan Academy offers practice exercises, instructional videos, and a personalized learning dashboard that empower learners to study at their own pace in and outside of the classroom. We tackle math, science, computer programming, history, art history, economics, and more. Our math missions guide learners from kindergarten to calculus using state-of-the-art, adaptive technology that identifies strengths and learning gaps. We've also partnered with institutions like NASA, The Museum of Modern Art, The California Academy of Sciences, and MIT to offer specialized content. For free. For everyone. Forever. #YouCanLearnAnything Subscribe to Khan Academy's Microeconomics channel: https://www.youtube.com/channel/UC_6zQ54DjQJdLodwsxAsdZg Subscribe to Khan Academy: https://www.youtube.com/subscription_center?add_user=khanacademy
Views: 506999 Khan Academy
Opportunity Two: Partnerships for Developing Complementary Products
 
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http://academlib.com/3723/management/opportunity_one_partnerships_satisfying_global_demand#604 Although the mobile phone industry illustrates a new model of collaboration and partnership that can rapidly quench seemingly insatiable demand, it also exemplifies how manifold marketing opportunities are created by new technologies. Similar to the development of railroads in the United States 130 years ago and the rapid penetration of automobiles 100 years ago, the global spread of mobile phones represents both an illustration of the new competitive environment and a new medium for marketers to achieve their goals. Certain technologies can present both marketing opportunities in themselves, and also serve as a medium for new marketing strategies. For example, nearly 1.6 billion mobile phone devices were sold worldwide in 2010, and sales are growing rapidly.52 This has created significant market potential for organizations that provide accessory goods and services to phone owners. To exploit this again requires that new forms of collaborative partnerships be developed. For example, consider the potential growth in mobile phone software applications. The first independently developed phone application was sold in July 2008, yet by January 2011, there had been over 10 billion downloads from Apple's Website alone, which offered over 350,000 different applications for the iPhone.53 Worldwide revenues for mobile phone applications were estimated to be $5.2 billion in 2010.54 It is projected that by 2014, there will be over 185 billion downloads of mobile phone applications, generating annual revenues that will reach $58 billion.55 In short, the mobile phone may have driven the most dramatic velocity and scale of product penetration and accessory product development in the history of marketing. This is all the more remarkable given the relatively high price of the product when compared to many other consumer goods, and the significant infrastructure needed before demand can be cultivated. ...
Views: 20 Academ Lib
Cross-Price Elasticity
 
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This video introduces the cross-price elasticity of demand. This is important for determining if goods are complements or substitutes. Check out the next videos on: Income Elasticity Categories of Elasticity
Views: 24766 Bryan Buckley
Cross elasticity of demand | Elasticity | Microeconomics | Khan Academy
 
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Price of one good impacting quantity demanded of another Watch the next lesson: https://www.khanacademy.org/economics-finance-domain/microeconomics/elasticity-tutorial/price-elasticity-tutorial/v/elasticity-of-supply?utm_source=YT&utm_medium=Desc&utm_campaign=microeconomics Missed the previous lesson? https://www.khanacademy.org/economics-finance-domain/microeconomics/elasticity-tutorial/price-elasticity-tutorial/v/more-on-total-revenue-and-elasticity?utm_source=YT&utm_medium=Desc&utm_campaign=microeconomics Microeconomics on Khan Academy: Topics covered in a traditional college level introductory microeconomics course About Khan Academy: Khan Academy offers practice exercises, instructional videos, and a personalized learning dashboard that empower learners to study at their own pace in and outside of the classroom. We tackle math, science, computer programming, history, art history, economics, and more. Our math missions guide learners from kindergarten to calculus using state-of-the-art, adaptive technology that identifies strengths and learning gaps. We've also partnered with institutions like NASA, The Museum of Modern Art, The California Academy of Sciences, and MIT to offer specialized content. For free. For everyone. Forever. #YouCanLearnAnything Subscribe to Khan Academy's Microeconomics channel: https://www.youtube.com/channel/UC_6zQ54DjQJdLodwsxAsdZg Subscribe to Khan Academy: https://www.youtube.com/subscription_center?add_user=khanacademy
Views: 388284 Khan Academy
Demand and Supply Explained- Econ 2.1
 
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Thanks for watching. In this video I explain the law of demand, the substitution effect, the income effect, the law of diminishing marginal utility, and the shifters of demand. Make sure that you understand the difference between a change in quantity demanded and a change in demand. This is the first video in the unit Playlist. Make sure that you watch the the next two videos about supply and equilibrium so you can put it all together. I hope that you like this video. Please like, leave a comment, and subscribe. *Note* never drink a whole gallon of milk Get the Ultimate Review Packet- http://www.acdcecon.com/#!review-packet/czji Supply Video https://www.youtube.com/watch?v=ewPNugIqCUM Video Explaining Shifting the Curves https://www.youtube.com/watch?v=V0tIOqU7m-c Unit playlists https://www.youtube.com/watch?v=HQkVO2PsxFw Learn it by watching Indiana Jones https://www.youtube.com/watch?v=RP0j3Lnlazs
Views: 1572290 Jacob Clifford
Effect of Substitutes on Demand
 
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See more videos at: http://talkboard.com.au/ In this video, we look at how changes in the price of a substitute affect the market price of a good.
Views: 4405 talkboard.com.au
Production: Perfect Complements/Fixed Proportions
 
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This video reviews production functions given by Q = min(aL,bK). For a given output, Q*, the ideal input mix is L* = Q*/a and K* = Q*/b. For example, suppose a company offers bus rides given by Q = min(L, K), where L is number of bus drivers and K number of buses. The ideal input mix for providing 10 bus rides is L* = 10/1 = 10 and K* = 10/1 = 10.
Views: 30002 1sportingclays
Complements and Substitutes
 
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Complements and substitutes illustrate the difference between changes in quantity demanded vs changes in demand.
Views: 121 Livingeconomics
My #frosyvoxbox from Influenster filled with complementary products to test out.
 
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My #frosyvoxbox from Influenster filled with complementary products to test out.
Views: 5 Alyssa Seaton
Perfect Complement Utility Funtions: Deriving Demand Functions
 
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How to derive demand functions from a perfect complements (fixed proportions) utility function.
Views: 30043 1sportingclays
इकोनॉमिक्स - वस्तुओँ के प्रकार Type of goods Normal ||Inferior||Substitute|| Complementary goods
 
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Important for Upsc uppsc |SSC|BANK To watch video related to economy https://www.youtube.com/playlist?list=PLxVhKZBd5jbV9AtEO0lEZsB7DOvMesB8v Normal goods and Inferior good सामान्य एवं निम्नस्तरीय वस्तुएं Substitute and Complements स्थानापन्न एवं पूरक वस्तुएं Giffen goods गिफ्फेन वस्तुएं economics , law of demand and supply 12th class ncert economy मांग और पूर्ति का नियम eco tgt dsssb eco tgt prt pgt basic economic
Views: 5514 Cushyka Education
Consider a two commodity market  When the unit prices of the products are
 
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Subscribe for More Lessons: https://YouTube.com/WeSolveThem Tip for Good Service: https://PayPal.me/WeSolveThem Thousands of free solutions: https://WeSolveThem.com Commenting - Solution Manuals - Thousands of Free Lessons - Ad-Free Videos - eBooks - Cheat Sheets - and more! http://WeSolveThem.com Video-Lessons are always AD-FREE @ WeSolveThem.com Description: Half off 12 months -- use code HALFOFFNOW @ http://wesolvethem.com/register Copyright © 2013 → ∞ WeSolveThem.com - JJtheTutor, Inc. All rights reserved | Made By Students, For Students.
Views: 3188 JJtheTutor
Y1/IB 9) Interrelated Markets (Complements, Substitutes, Derived & Composite Demand, Joint Supply)
 
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Interrelated Markets (Complements, Substitutes, Derived Demand, Composite Demand, Joint Supply). A video covering everything to do with Interrelated Markets (Complements, Substitutes, Derived Demand, Composite Demand, Joint Supply) http://www.econplusdal.com Instagram @econplusdal Twitter: https://twitter.com/econplusdal Facebook: https://www.facebook.com/EconplusDal-1651992015061685/?ref=aymt_homepage_panel
Views: 11469 EconplusDal
Joint Demand
 
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​Joint demand is when the demand for one product is directly and positively related to market demand for a related good or service. Two complements are said to be in joint demand and the cross price elasticity of demand is negative. Examples of joint demand include: fish and chips, iron ore and steel and apps for smartphones. The value of the worldwide market for 3D printers grew to around 5.17 billion U.S. dollars in 2016. This was a 26 percent increase, compared with the previous year!
Views: 2306 tutor2u
Complements vs Substitutes
 
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This lesson looks at the price of related goods (complements and substitutes) and their effect on the demand for a product.
Views: 24 Peschu's Corner
CA Foundation Business Economics - Determinants of Demand
 
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This online class explains “Determinants of Demand” or simply, the factors that influence demand for goods and services which is a part of CA foundation course for the subject ‘Business Economics & Business and Commercial Knowledge’. In this video the factors are explained to the point with examples for each factor. The quantity of a given product whether goods or services that is purchased by a consumer depends on a number of determinants. The determinants of Demand could be 1. Price- if a price of a product is high, consumers might choose to buy another product or not buy the product at all 2. Second is the taste and preferences that consumer has. Consumer might choose products that are trendy or more fashionable. 3. Consumer expectations is another determinant. If consumer expects the price of a particular product to increase in future or rather become scarce in production, consumers might want to buy more quantity now. 4. The fourth determinant is how much money consumers have. Does income of consumer supports all that he intends to buy. If income is high, there are chances that demand would be for more luxurious products as consumer is able to afford them. 5. Another determinant is the price of related commodities. Now related commodities are of two types; Complementary goods and substitutes. a. Complementary goods are ones that are to be consumed together e.g. Car & petrol, bread & Butter etc. b. Substitutes are goods that can satisfy the same need and can be used in place of each other easily. The most common e.g. will be Tea & Coffee. All these determinants can be expressed in the form of mathematical equation denoting the demand function as follows D = fn { P + X1 + X2 + Xn } Where, D is Quantity demanded P denotes price of the commodity X1, X2…Xn denotes the determinants of demand explained earlier like income, tastes & preferences, customer expectations etc.
Views: 1015 FINMAESTRO
Complementary Goods
 
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Views: 130 myeconguy
Substitute good
 
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In economics, one way that two or more goods can be classified is by examining the relationship of the demand schedules when the price of one good changes. This relationship between demand schedules leads to classification of goods as either substitutes or complements. Substitute goods are goods which, as a result of changed conditions, may replace each other in use (or consumption). A substitute good, in contrast to a complementary good, is a good with a positive cross elasticity of demand. This means a good's demand is increased when the price of another good is increased. Conversely, the demand for a good is decreased when the price of another good is decreased. If goods A and B are substitutes, an increase in the price of A will result in a leftward movement along the demand curve of A and cause the demand curve for B to shift out. A decrease in the price of A will result in a rightward movement along the demand curve of A and cause the demand curve for B to shift in. Examples of substitute goods include margarine and butter, tea and coffee. Substitute goods not only occur on the consumer side of the market but also the producer side. Substitutable producer goods would include: petroleum and natural gas (used for heating or electricity). The degree to which a good has a perfect substitute depends on how specifically the good is defined. Take for example, the demand for Rice Krispies cereal, which is a very narrowly defined good as compared to the demand for cereal generally. The fact that one good is substitutable for another has immediate economic consequences: insofar as one good can be substituted for another, the demands for the two kinds of good will be bound together by the fact that customers can trade off one good for the other if it becomes advantageous to do so. This video is targeted to blind users. Attribution: Article text available under CC-BY-SA Creative Commons image source in video
Views: 5657 Audiopedia
factors affecting demand in economics class 12 chapter 3 demand
 
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factors affecting individual demand and market demand class 12 microeconomics part 1 NEXT LESSON : https://youtu.be/5IAcIXM3OcY DEMAND It refers to quantity of a commodity that the consumer is able and willing to buy at various levels of prices during a given period of time. INDIVIDUAL DEMAND It refers to quantity of a commodity that a single consumer is able and willing to buy at various levels of prices during a given period of time. MARKET DEMAND It refers to quantity of a commodity that all the consumers are able and willing to buy at various levels of prices during a given period of time. DEMAND SCHEDULE It refers to the tabular presentation showing the inverse relationship between price of the given commodity and its demand by the consumer. INDIVIDUAL DEMAND SCHEDULE It refers to the tabular presentation showing the inverse relationship between price of the given commodity and its demand by the single consumer. MARKET DEMAND SCHEDULE It refers to the tabular presentation showing the inverse relationship between price of the given commodity and its demand by all the consumer. DEMAND CURVE It refers to the graphical representation of the demand schedule. INDIVIDUAL DEMAND CURVE It refers to the graphical representation of the individual demand schedule. MARKET DEMAND CURVE It refers to the graphical representation of the market demand schedule. FACTORS AFFECTING THE DEMAND (INDIVIDUAL) i. Price of the given commodity: There is an inverse relationship between price of the given commodity and its demand. It implies that if we increase the price of the given commodity than its demand will fall or vice versa. ii. Price of the related goods: Related goods means that change in price of one good will impact the demand of the other good. Related goods are of two type : a) Substitute Goods: These are those goods which can be used in place of each other. For example tea or coffee, ink pen or ball pen etc If price of the substitute good increases it increases the demand of the given commodity because substitute good becomes more costlier than given commodity, thus consumers start consuming more and more of the given commodity or vice-versa. For example: If price of the substitute good (say tea) increases, consumers starts consuming more and more units of given commodity (coffee) b) Complementary Goods: These are those goods which jointly satisfy the want of a consumer. For example Diesel & Generators, Car & petrol, Ink & pen etc If price of the complementary good rises than demand of the given commodity falls because consumer needs both the products together, thus consumer reduces the demand of the given commodity or vice-versa. For example: If car (complementary good) becomes costlier than demand for the petrol(given commodity) will reduce because of the reduce in the number of cars. iii. Income of the consumer: If income of the consumer changes it impacts the demand of the commodity. Either the demand of the given commodity will increase or it will decrease with increase in income of the consumer. If demand of the given commodity increases with increase in income of the consumer or vice-versa than such goods are called Normal Goods. If demand of the given commodity decreases with increase in income of the consumer or vice-versa than such goods are called Inferior Goods. iv. Taste and preferences of the consumer: If consumers taste and preference is favorable i.e. consumer likes that particular product or he prefers it over other products than demand for such good will be more. Similarly if his taste & preference is unfavorable i.e. he dislikes that product than demand will be less for that commodity. v. Expectation of change in price in future: If it is expected that price will rise in future of a commodity say petrol than its demand at present will be increased. Similarly if a consumer expects that its price will fall in future than its demand will be reduced at present. FACTORS AFFECTING THE MARKET DEMAND vi. Size of the population: If population of the country increases it increases the demand of the given commodity because of the rise in the number of consumers. Similarly, if population decreases the demand of the given commodity falls. vii. Season & Weather: If season & weather is favourable than demand is more and if season & weather is unfavourable than demand is less. For example: Demand for leather jackets will be more in winter season as compared to the summer season. viii. Distribution of income: If national income of the country is distributed equally among the citizens than demand in that country will be more while if income is distributed unequally among the citizens than demand will be less. Competent Commerce
Views: 2586 Competent Commerce
Economics: Substitutes and Complements
 
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Video produced by Media Production for economics professor Dr. David Hebert at Ferris State University to be used on his YouTube channel to assist his and other econ students in various economic topics.
Views: 7846 FerrisStateVideo
Law of Demand | Demand Schedule | Demand Curve
 
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Managerial Economics; Management; Law of Demand | Demand Schedule | Demand Curve; Introduction 00:00:00- 00:02:25 *What is Demand? *The three attributes of demand - Desire to buy a product - Willingness to pay - Ability to pay *What are the essential factors of a meaningful demand statement from an organizational point of view? Law of Demand 00:02:26- 00:13:59 *What is the law of demand? *The inverse relationship between the current price of the commodity and its demand *What is ceteris paribus assumption? *Assumptions of the law of demand - Constant income level - Tastes and preferences of the consumer remain constant - Prices of related goods should not change Two types of related goods i) Substitute goods- There is positive relationship between two substitutes goods (price and quantity demanded) ii) Complementary goods- There is negative relationship between two complementary goods (price and quantity demanded) - No new substitutes - Price rise in future not expected - No change in advertising expenditure Demand Schedule 00:14:00- 00:16:59 *What is a demand schedule? Demand Curve 00:17:00- 00:20:31 *What is a demand curve? *How to draw a demand curve with a demand schedule? *Features of a demand curve Factors behind the Law of Demand 00:20:32- 00:26:59 *What is Substitution effect? *The relationship between substitution effect and law of demand *What is Income effect? *What is the ‘real income’ of a consumer? * How does 'real income' influence quantity demanded? *What is the utility-maximizing behavior of the consumer? Exceptions to the Law of Demand 00:27:00- 00:33:27 *The conditions under which the law of demand does not work - Expectations of price rise in the future - Status goods - Giffen goods Video by Edupedia World (www.edupediaworld.com), Free Online Education; Click here https://www..com/playlist?list=PLJumA3phskPFwp2XXInxCWpv28nPMimDU for more videos on Managerial Economics; All Rights Reserved.
Views: 7882 Edupedia World
Complementary & Supplementary Goods
 
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Complementary & Supplementary Goods
Views: 506 Daniel Santander
Inferring Networks of Substitutable and Complementary Products
 
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Authors: Julian McAuley, Rahul Pandey, Jure Leskovec Abstract: To design a useful recommender system, it is important to understand how products relate to each other. For example, while a user is browsing mobile phones, it might make sense to recommend other phones, but once they buy a phone, we might instead want to recommend batteries, cases, or chargers. In economics, these two types of recommendations are referred to as substitutes and complements: substitutes are products that can be purchased instead of each other, while complements are products that can be purchased in addition to each other. Such relationships are essential as they help us to identify items that are relevant to a user's search. Our goal in this paper is to learn the semantics of substitutes and complements from the text of online reviews. We treat this as a supervised learning problem, trained using networks of products derived from browsing and co-purchasing logs. Methodologically, we build topic models that are trained to automatically discover topics from product reviews that are successful at predicting and explaining such relationships. Experimentally, we evaluate our system on the Amazon product catalog, a large dataset consisting of 9 million products, 237 million links, and 144 million reviews. ACM DL: http://dl.acm.org/citation.cfm?id=2783381 DOI: http://dx.doi.org/10.1145/2783258.2783381
Cross (Price) Elasticity of Demand
 
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how changes in price of a product affect its complements and substitutes
Views: 462 Ross McGlothlin
Complementary products enhance company's core offering
 
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Concrete products manufacturer Rocla is developing a range of supplementary products to enhance its core range of precast concrete offerings.
Views: 404 CreamerMedia
perfect substitution and complimentary good
 
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Views: 46 max me
MICROECONOMICS COMPLEMENTS AND SUBSTITUTES ISI,DSE,JNU,IGIDR,UPSC,CAT,MAT,XAT
 
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MICROECONOMICS COMPLEMENTS AND SUBSTITUTES ISI, DSE, JNU,IGIDR,UPSC,CAT,MAT,XAT VISIT OUR WEBSITE https://www.souravsirclasses.com/ FOR COMPLETE LECTURES / STUDY MATERIALS /NOTES /GUIDENCE / PAST YEAR SOLVED +SAMPLE PAPAERS /TRICKS /MCQ / SHORT CUT/ VIDEO LECTURES /LIVE + ONLINE CLASSES GIVE US A CALL / WHAST APP AT 9836793076 Also find us at…. BLOGSPOT http://souravdas3366.blogspot.com/ SLIDES ON COURSES https://www.slideshare.net/Souravdas31 TWITTER https://twitter.com/souravdas3366 FACEBOOK https://www.facebook.com/Sourav-Sirs-... LINKED IN https://www.linkedin.com/in/sourav-da... GOOGLE PLUS https://plus.google.com/+souravdassou... ECONOMICS EXPLAINED: COMPLEMENTS, SUBSTITUTES When examining how price and demand changes will affect markets, it is important to consider how various goods are related. We can separate goods into 2 basic types: substitutes and complements. A substitute good is—you guessed it!—a substitute for something else. Broadly speaking, oranges and apples could be classified as substitutes. Obviously, oranges and apples are not that similar, which is why they are not classified as “perfect substitutes”. When the price increases for one good, the demand for the substitute will increase (assuming that price remains constant). What does this look like? Imagine you are going grocery shopping, and have included on your list oranges and apples. You get to the grocery store and see that prices of apples have doubled, while oranges cost the same. So, you decide to just buy more oranges instead of some of both. Obviously, this decision will also be affected by how much the price increases and the amount of money you have to spend. For a wealthy shopper, a change from $1 to $2 an apple won’t be a huge deal. A person who loves apples more than oranges may also decide not to change their purchase plan. But, consider this analogy on a larger scale—say that the cost of an SUV doubles, so you instead buy a small car. Both goods accomplish the same function, meaning they are substitutes. As long as you don’t have very strong preferences, you will change your demand for small cars due to changes in the price of SUVs. Let’s trace back to the aforementioned concept of “perfect substitutes”, again, which is defined like it sounds—two items that are perfectly indistinguishable in the eyes of the consumer. Perfect substitutes used to be a commonly found thing, but as marketing and advertising have created brand loyalty, differentiating traits, and premium qualities (“organic”, “recycled”, etc.) consumers no longer view many goods as perfectly alike. The most relevant examples of perfect substitutes come in the form of commodities—fruit, vegetables, wheat, and more. You don’t care if you are getting a tomato from one farmer or the other, so the vendors are providing perfect substitutes. Branded items versus their generics are also often perfectly elastic—they accomplish the exact same function, so if the price skyrockets for the brand-name item, most people will just buy the generic instead (increased demand). The idea of two tomatoes as perfect substitutes is contingent upon the idea that they have identical qualities. If one is locally raised and organic, and the other just a plain old tomato, there are people out there who will prefer the organic one. How much more are they willing to pay for these preferences? We can evaluate this through a number known as the elasticity of demand. The elasticity of demand indicates how sensitive a consumer (or consumers) will be to the change in the price of a good. When a good has elastic demand, it means that consumers are very sensitive to changes in price. Picture a rubber band to remember that elastic = sensitive. If the price changes, the consumer will bounce away to another good! Conversely, inelastic demand means consumers will typically not be very responsive to changes in price. If there are more substitutes, a person will have more elastic demand. A good like gasoline has very few substitutes unless you own an electric car, so the demand for it will remain high even if the price skyrockets. Gasoline is thus inelastic. Of course, elasticity also depends on personal preferences—a hardcore “locavore” will strongly prefer the locally grown tomato, and likely be willing to pay extra for it. For individual consumers, the concept of elasticity can factor in many inputs and preferences aside from just number of substitutes. When aggregated, it can be much more difficult to account for the different preferences various groups have—some might want to buy the cheapest thing regardless of origin, while others are concerned with purchasing morally-sound products, and even more people interested in buying the trendy “branded” product.
Concept of Need Want Desire Demand || Marketing || Hindi || #4minutemarketing
 
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Needs The easiest explanation of the concept “needs” is the basic human requirements like shelter, clothe, food, water, etc. These are essential for human beings to survive. If we take the topic further, other needs are education, healthcare, insurance, pension, etc. Basically, things that we can associate with “needs” don’t require a boost because these are the products and services people always buy (for example, people who are into home security, always purchase Arlo or Arlo Pro Security Cameras). Though, don’t feel relieved if you’re planning to promote a product or a service that falls under the “needs” category. In the 21st century, thousands of brands are promoting the same products and services from the needs category. In other words, there are thousands of competitors trying to sell the same things you are. In addition, needs aren’t only physical. Needs can be a social thing, for example, social class, belonging to a certain society and need of self-expression. Wants This is quite different from needs. Wants aren’t permanent and it regularly changes. As time passes, people and location change, wants change accordingly. Wants aren’t essential for humans to survive, but it’s associated with needs. For example, if we always manage to satisfy our wants, it transforms into a need. Demands Let’s discard the boring explanation process and start with an example. There are two options, you either buy a Samsung’s or Apple’s product. Though, the prices are really different. The Samsung’s phone costs $150 and the Apple’s iPhone $780. We’d prefer to purchase the Apple product, but the question is, can we? If we, financially, are strong enough and can allow ourselves to buy a $780 iPhone, it means that we’ve transformed our want/need into a demand. So, the key difference between wants and demand is desire. Consequently, for people, who can afford a desirable product are transforming their wants into demands. In other words, if a customer is willing and able to buy a need or a want, it means that they have a demand for that need or a want. So, the key difference between wants and demand is desire. Facebook Page : https://www.facebook.com/4MINUTEMARKETING/ Instagram Page : https://www.instagram.com/4minutemarketing/ If you find this content helpful, do SHARE it with others. This page is for educational purpose, where I share different contents of Marketing. My goal is to help and educate students with simplest way possible. #4minutemarketing
Views: 155 4 Minute Marketing
Market Demand | Determinants of Market Demand | Demand Function
 
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Managerial Economics; Management; Market Demand | Determinants of Market Demand | Demand Function; Introduction 00:00:00- 00:00:35 Analysis of Market Demand 00:00:36- 00:01:33 *Advantages of analysis of market demand Market Demand 00:01:34- 00:23:16 *What is market demand? *How to calculate market demand? *The methods to derive market demand 1. Using individual demand schedules 2. Using individual demand functions *Market demand curve *Kinds of Demand 1. Individual demand and market demand 2. Demand for firm’s product and industry’s product - Difference between firms and industries 3. Autonomous demand and derived demand 4. Demand for durable goods and demand for non- durable goods - Subcategories of durable goods and non- durable goods- consumer goods and producer goods 5. Short- term demand and long- term demand Determinants of Market Demand 00:23:17- 01:04:59 *What are the determinants of market demand and how they influence market demand? 1. Price of the product 2. Price of related goods- substitute and complementary goods 3. Level of consumer’s income - Effect of income on the quantity demanded of: *Essential consumer goods * Inferior goods * Normal goods * Luxurious goods 4. Consumer’s tastes and preferences 5. Advertisement of the product - The advantages of advertisement 6. Consumer’s expectations about the future price 7. Demonstration effect and Bandwagon effect - What is bandwagon effect? - What is snob effect? 8. Consumer credit facility 9. Population of the country 10. Distribution pattern of national income Demand Function 01:05:00- 01:07:24 *What is demand function? *How to express the relationship between demand and its determinants in a demand function? * Conclusion Video by Edupedia World (www.edupediaworld.com), Free Online Education; Click here https://www..com/playlist?list=PLJumA3phskPFwp2XXInxCWpv28nPMimDU for more videos on Managerial Economics; All Rights Reserved.
Views: 5499 Edupedia World
Seco Feedmax SD230A
 
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http://www.secotools.com/sd230a In order to meet the demands from our customers Seco is launching long solid carbide drills (30xD) as a complementary product to our existing range of 16xD drills. In addition to this, other ranges such as 20xD and 25xD will be available as custom design - completing an even wider offer for our customers. Deep hole drilling applications can often be found in the automotive, oil&gas, mould & die industries and medical and general engineering. Advanced solid carbide drills, like the SD230A, deliver excellent hole quality, long consistent tool life and increased productivity compared with traditional HSS drills and ordinary solid carbide drills.
Views: 130212 Seco Tools
Change in Price of Complementary Good.m4v
 
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Analyzes the effect on demand of a change in the price of complementary goods.
Views: 6814 myeconguy
Elastic and Inelastic Goods
 
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Made as an extra credit assignment for my economics class.
Views: 1815 Itmeows
Non-Price Variables and Shifts of Demand - Related Products: Substitute
 
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What happens to the Demand curve of a good when a substitute is more expensive or cheaper?
6 Relationship of Goods with Change in Demand
 
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Type of Goods & changes in demand  Superior Goods: When the income of consumer increases, the demand for the superior goods also increases (demand curve shifts right wards). In the opposite case, the demand of superior goods declines (the demand curve shifts leftward).  Inferior Goods: Demand for inferior goods rises with a decline in income. The whole of demand curve shifts right ward. The demand for inferior goods reduces with rise in income, causing the demand curve shift leftward.  Substitutes: In the case of substitutes (e.g. petrol & diesel), when the price of substitute declines, the demand of commodity also reduces and therefore the demand curve shifts leftward. In the opposite case, the demand of commodity rises and the demand curve shifts rightward.  Complementary Goods: When the price of complementary goods (e.g. car & petrol) increases, the demand for the commodity declines and the demand curve shifts leftward. In the opposite case, i.e. when the price of complementary goods declines, the demand for commodity increases and therefore the demand curve shifts rightward.  Substitution effect: Substitution effect means the change in the consumption or demand of two commodities as a result of their relative change in prices, the total utility remaining the same.  Income effect: When price of a commodity changes, the real income of a consumer also undergo a change. Real income denotes consumer’s purchasing power. If price of a product decreases, the real income of a consumer rises and he purchase more units of the product. The demand curve slopes downward due to this income effect. This is called income effect for change in demand.
Views: 74 Sikshayati
Microeconomics: Three Types of Indifference Curves
 
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More HD Videos and Exam Notes at http://oneclass.com/exam_tutorials Our goal is helping you to get a better grade in less time. We provide various exam tutorials which are specifically designed for your courses. Please go to our official website http://oneclass.com and Visit our channel for more tutorials: http://www.youtube.com/user/Notesolution Like us on Facebook: http://facebook.com/oneclass Follow us on Twitter: http://twitter.com/getoneclass Follow us on Instagram: http://instagram.com/getoneclass
Views: 21904 OneClass
What is DERIVED DEMAND? What does DERIVED DEMAND mean? DERIVED DEMAND meaning & definition
 
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What is DERIVED DEMAND? What does DERIVED DEMAND mean? DERIVED DEMAND meaning - DERIVED DEMAND definition - DERIVED DEMAND explanation. Source: Wikipedia.org article, adapted under https://creativecommons.org/licenses/by-sa/3.0/ license. In economics, derived demand is demand for a factor of production or intermediate good that occurs as a result of the demand for another intermediate or final good. In essence, the demand for one is dependent on that whose demand its demand is derived from. For example, if the demand for a good such as wheat increases, then this leads to an increase in the demand for labour. For another example, demand for steel leads to derived demand for steel workers, as steel workers are necessary for the production of steel. As the demand for steel increases, so does its price. The increase in price means manufacturers of steel can gain more in revenue if they produce more steel, thus leading to a higher demand for the resources involved in producing steel. Demand for transport is another good example of derived demand, as users of transport are very often consuming the service not because they benefit from consumption directly (except in cases such as pleasure cruises), but because they wish to partake in other consumption elsewhere. Derived demand applies to both consumers and producers. Producers have a derived demand for employees. The employees themselves do not appear in the employer's utility function; rather, they enable employers to profit by fulfilling the demand by consumers for their product. Clearly, the demand for labour is a derived demand from the demand for goods and services. Another example is farm production and the demand for fertilizer. The demand for farm crops leads to the demand for fertilizer with which to grow them. This is similar to the concept of joint demand or complementary goods, the quantity consumed of one of them depending positively on the quantity of the other consumed.
Views: 5901 The Audiopedia

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