Question: a) Explain that how price of the substitute (y) can affect the demand of commodity (x)?

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a) Explain that how price of the substitute (y) can affect the demand of commodity (x)?

b) Explain the concept of indifference curve. Also explain its any two properties.

Posted Date: Oct 28, 2021 06:01 AM

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Question: a) Explain that how price of the substitute (y) can affect the demand of commodity (x)?

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Expert Answer:

Solution a Substitute goods are those goods which can be used in place of one another to satisfy a particular want Price of one substitute good has a positive relationship with quantity demanded of an... View the full answer

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