What is Substitute Good
When it comes to microeconomics, two different products are considered to be substitutes if they are able to fulfill the same function for the consumers. To put it another way, a customer views both things as being comparable or comparable to one another, and as a result, the consumer desires less of the other item when they experience more of the first good. Substitute goods, in contrast to complementary goods and independent goods, have the potential to replace one another in usage as a result of shifting economic environment conditions. Coca-Cola and Pepsi are two examples of substitute goods. The interchangeability of both products is due to the fact that they serve the same function, which is to satisfy the wants and needs of consumers for soft drinks. The term “close substitutes” can be used to refer to certain particular types of substitutes.
How you will benefit
(I) Insights, and validations about the following topics:
Chapter 1: Substitute good
Chapter 2: Monopoly
Chapter 3: Monopolistic competition
Chapter 4: Perfect competition
Chapter 5: Deadweight loss
Chapter 6: Price discrimination
Chapter 7: Elasticity (economics)
Chapter 8: Price elasticity of demand
Chapter 9: Cross elasticity of demand
Chapter 10: Consumer choice
Chapter 11: Law of demand
Chapter 12: Complementary good
Chapter 13: Demand curve
Chapter 14: Utility maximization problem
Chapter 15: Location model (economics)
Chapter 16: Slutsky equation
Chapter 17: Constant elasticity of substitution
Chapter 18: Tax incidence
Chapter 19: Demand
Chapter 20: Derived demand
Chapter 21: Small but significant and non-transitory increase in price
(II) Answering the public top questions about substitute good.
(III) Real world examples for the usage of substitute good in many fields.
Who this book is for
Professionals, undergraduate and graduate students, enthusiasts, hobbyists, and those who want to go beyond basic knowledge or information for any kind of Substitute Good.
