Answer to Question #106776 in Microeconomics for Steve

Question #106776

Assume that cooking gas and stoves are complements. When the price of cooking has goes up the demand curve for stoves:
1) shifts to the left
2) shifts to the right
3) remains constant
4) shifts to the right initially and then returns to its original position
5) shifts to the left simultaneously with demand curve for cooking gas

Expert's answer

Correct answer is 1).

Because when two goods are complements, than if the price of one good goes up, the demand for the other good decreases, which is shown in shift of demand curve to the left.

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Assignment Expert

30.03.20, 14:18

Dear visitor, please use panel for submitting new questions

Steve

27.03.20, 16:45

The demand for potatoes is Qd=120-p Supply of potatoes is Qs= 5p What is the equilibrium quantity of potatoes?

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