1. Utility is the ability of a good or service and its usefulnuss and the satisfaction it can give someone.
2.When you buy a cellphone you are buying it for it's utility that you can use it for.
1.An item that is demand that can go along with another thing in demand well.
2.Hot Dogs and Buns would be considered complimentary goods
1.An item that is demand but if the price gets high could be replaced by something else
2.If the price of milk got to expensive I could use soy milk for my cereal instead
1. The measure of responsiveness in the change in the quantity demanded to a change in the price.
2.When there is a sale on soda the elastic demand goes up for it
1.When the dependent variable (demand of a product) doesn't change even though the independent variable (price) does change
2. Gas has an inelastic demand to it because everyone needs it for their cars.
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