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The opposite of a substitute good is a complementary good, these are goods that are dependent on another. ... Good is a gross substitute for good if, when the price ...
In other words, its substitutes become relatively costlier. Consumers would normally like to substitute cheaper goods for costlier ones. Thus, the demand for relatively cheaper substitute commodities increases. [11] Compared to normal goods, a price decrease (or increase) would actually decrease (or increase) the consumption of an inferior good.
The opposite is true for substitutes: the consumer is willing to pay less for each marginal unit of good "" as it accumulates more of good "". Complementarity may be driven by psychological processes in which the consumption of one good (e.g., cola) stimulates demand for its complements (e.g., a cheeseburger).
Indifference map with two budget lines (red) depending on the price of Giffen good x. In microeconomics and consumer theory, a Giffen good is a product that people consume more of as the price rises and vice versa, violating the law of demand.
Roller derby: Teams may freely substitute players between jams, except for players serving a penalty in the penalty box. If a player is expelled from the game during a jam, they may not substituted with another player until after the end of the jam. Tchoukball: Teams may freely substitute players after every point. Players expelled from the ...
Gross substitutes (GS) means that the agents regards the items as substitute goods or independent goods but not complementary goods. There are many formal definitions to this property, all of which are equivalent. Every UD valuation is GS, but the opposite is not true. Every GS valuation is submodular, but the opposite is not true.
The "Alternatives to Detention" program is tracking more than 25,000 migrants using ankle and wrist-worn monitors, which costs taxpayers an average of nearly $80,000 each day, according to ICE data.
Where ψ and φ represent formulas of propositional logic, ψ is a substitution instance of φ if and only if ψ may be obtained from φ by substituting formulas for propositional variables in φ, replacing each occurrence of the same variable by an occurrence of the same formula.