Demand and Supply Question

Forums Academic discussion Supply chain and logistics Demand and Supply Question

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  • #4370 Reply
    lordofstarks22
    Participant

    Demands of some goods depends on other Good’s demand . what are some examples for that ?!

    #4374 Reply
    Joshua Fernandez
    Participant

    Good question!

    It is important to start off by pointing out that the main “driver” for a change in demand of a good will be a change in price of that good, which will in turn affect the demand.

    There are more or less two types of goods, complementary goods and substitute goods.

    Complementary good are goods that go well together. For example milk and cereal. So if the demand for cereal is high the demand for milk will also be high.

    Conversely, substitute goods are goods that don’t go well together, or can act as an alternative. For example tea and coffee. If the demand for tea is high, the demand for coffee could be low.

     

    #4378 Reply
    lordofstarks22
    Participant

    Reply to Joshua Fernandez of #4374:

    Good answer .Thank you so much for your answer .that was helpful

    #4393 Reply
    Ben
    Participant

    Here is a link I found with some good examples of complementary goods.

    https://www.quora.com/What-are-some-examples-of-complementary-goods

    Hope it helps!

    #4400 Reply
    lordofstarks22
    Participant

    Reply to Ben of #4393:

    Thank you so much for your answer ..it was very helpful

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