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What do economists mean with the expression: 'the consumer considers product A and product B perfect complements'? Can you name two products that you consider
What do economists mean with the expression: 'the consumer considers product A and product B perfect complements'? Can you name two products that you consider perfect complements? In what proportions do you enjoy consuming these products? In a graph, illustrate a couple of your indifference curves for these two products
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When economists say that two products are perfect complements it means that the consumer perceives them as being consumed together in fixed proportions In other words the consumer considers the two products as inseparable and they are used in a specific ratio or combination For example consider the case of left and right shoes Left and right shoes are perfect complements because they need to be used together in a fixed proportion ...
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Economics
Authors: Campbell R. McConnell, Stanley L. Brue, Sean M. Flynn
18th edition
978-0077413798, 0-07-336880-6, 77413792, 978-0-07-33688, 978-0073375694
