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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!
Average Product (AP) of a Factor: The productivity of a factor is often seen in terms of its average contribution. Although not very important in the theoretical discussions,
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State the example of price and price level Create a basket which contains all the goods sold by a specific store on a specific day. Price of this basket is then a price level -
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