znewkirk3076 znewkirk3076
  • 26-05-2017
  • Business
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What can be the substitute and compliment of the product you have identified ?

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LearnGrow
LearnGrow LearnGrow
  • 02-06-2017
Substitute goods are goods that have a positive cross elasticity of demand.The demand for the substitute good increases if the price of the other increases (assuming the price is constant).
Compliment goods are goods with a negative cross elasticity of demand. Compliment good's demand is increased when the price of another good is decreased.
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