ECS2601
ASSIGNMENT 1 SEMESTER 1 2020
UNIQUE NUMBER: 750816
PREVIEW OF QUESTION 1
1. 2 Reference: Prescribed book PG 24
Goods are substitutes when an increase in the price of one leads to an increase in the quantity
demanded of the other. For example, copper and aluminum are substitute goods. Because one can
often be substituted for the other in industrial use, the quantity of copper demanded will increase if the
price of aluminum increases. Likewise, beef and chicken are substitute goods because most
consumers are willing to shift their purchases from one to the other when prices change.
This study source was downloaded by 100000838663848 from CourseHero.com on 09-03-2022 08:13:30 GMT -05:00
https://www.coursehero.com/file/157111213/ECS2601-Assignment-1-Semester-1-2020pdf/
ASSIGNMENT 1 SEMESTER 1 2020
UNIQUE NUMBER: 750816
PREVIEW OF QUESTION 1
1. 2 Reference: Prescribed book PG 24
Goods are substitutes when an increase in the price of one leads to an increase in the quantity
demanded of the other. For example, copper and aluminum are substitute goods. Because one can
often be substituted for the other in industrial use, the quantity of copper demanded will increase if the
price of aluminum increases. Likewise, beef and chicken are substitute goods because most
consumers are willing to shift their purchases from one to the other when prices change.
This study source was downloaded by 100000838663848 from CourseHero.com on 09-03-2022 08:13:30 GMT -05:00
https://www.coursehero.com/file/157111213/ECS2601-Assignment-1-Semester-1-2020pdf/
