if cokeand pepsi are good substitutes explain under quantity demanded what happens when the price of coke is doubled
1
Expert's answer
2014-11-10T10:39:26-0500
Two goods are substitutes in demand if, when the market price of the first good rises, the demand of the second good also rises, and vice-versa. If coke and pepsi are good substitutes, when the price of coke is doubled, the demand for coke will decrease and demand for pepsi will increase, as the quantities of substitute goods demanded are inversely related (if the quantity demanded of one good increases, quantity demanded of other good decreases and vice-versa).
Numbers and figures are an essential part of our world, necessary for almost everything we do every day. As important…
APPROVED BY CLIENTS
"assignmentexpert.com" is professional group of people in Math subjects! They did assignments in very high level of mathematical modelling in the best quality. Thanks a lot
Comments
Leave a comment