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Lecture

Complements and Substitutes
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by Anu J
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Department
Economics
Course
ECON 1000
Professor
Kieran Furlong
Semester
Fall

Description
thMicroeconomics ECON 1000DAY 3September 13 Changes in the Price of Related OutputChanges in production o Substitute in productionyou can produce one commodity or the other with the same input resources o Compliment in productionyou can make both there is a ratio determined byExamples of Substitution and Complement ChangesExample Competitive market Compliment for wheat is corn Substitute in production for wheat is bran compliment is milk Blah blah blah What is the impact of the demand andor supply of wheat in the context of corn ON EXAMExample What is the effect of the price of corn on the supply of corn NOTH
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