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Friday, August 20, 2010
Ok, I hit a low point in finding examples of Complements for Microeconomics... :)
(HT: Division of Labour)...Complements---it is a dirty businesses...In economics we call two goods that are separate and distinct BUT primarily (or often) used together-- complements. If the price of one of the goods INCREASES then the Demand for the complement DECREASES and vice versa (the price of one good DECREASES then the Demand for the complement INCREASES). There is an inverse relationship between price of one and the demand for the other. Extra Credit: Which is the primary good and which is the complement??
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The Primary good is the Prune juice, and the complement is the Toilet paper. :)
ReplyDeleteMitchel---I would say you are correct...Hard to imagine a case of where the relationship runs in the opposite direction, so to speak... :)
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