How Income and Related Goods Affect Demand
Exploring how changes in consumer income and the prices of related goods (substitutes and complements) influence demand.
Key Questions
- How does a pay raise affect what people buy?
- What happens to the demand for one product if the price of a similar product changes?
- Give examples of goods that are bought together and how their prices affect each other's demand.
MOE Syllabus Outcomes
Suggested Methodologies
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