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Individual Demand
Substitutes and Complements
1) The two goods are considered substitutes if an increase (decrease) in price of one lead to an increase (decrease) in quantity demanded of other.
2) Two goods are considered complements if an increase (decrease) in price of one leads to a decrease (increase) in quantity demanded of other.
3) Two goods are independent when change in price of one good has no effect on the quantity demanded of the other
-If the price consumption curve is sloping downward, the two goods are considered substitutes.
-If price consumption curve is sloping upward, the two goods are considered complements.
*They could be both!
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Consider a market that is served by a single-price monopolist with marginal cost given by MC = $100 + Q. The market demand is given by P = $800 – 3Q. Determine the following: the f
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marginal conditions of pareto efficeincy
how to estimate costs?
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