Question: Describe consumer behavior? Why is it important in understanding from a manager's perspective ? Explain the difference between substitute and complementary goods ? Provide examples

Describe consumer behavior? Why is it important in understanding from a manager's perspective ? Explain the difference between substitute and complementary goods ? Provide examples of both and describe their impacts on each other when price changes. Hint: What is Cross Price Elasticity of Demand ("CPED"). Does time and a good's price ($) relative to one's overall income budget influence elasticity of a product? Why ?

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