question archive There are 3 main components, 1)Formula 2)Data chart 3)Graph Step 1: you need to choose a product with complementary, substitute products, income and taste
There are 3 main components, 1)Formula 2)Data chart 3)Graph Step 1: you need to choose a product with complementary, substitute products, income and taste
Subject:BusinessPrice: Bought3
There are 3 main components,
1)Formula
2)Data chart
3)Graph
Step 1: you need to choose a product with complementary, substitute products, income and taste. For example:
The main product: Tomato
Complementary product: Bread
Substitute product: Bell pepper
Income: Income
Taste: taste (change of preference)
Step 2: Please think about new products combinations with new data rather than using the same data from the example. Select the data for the chart wisely.
Step 3: Draw the graph and create the Demand Curve based on your data chart.
Step 4: Consider price change for the main product (first increase then decrease) and make the diagram and demand curves.
Step 5: Repeat Step 4 for the remaining factors: complementary product, substitute product, income and taste
