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8. Pick a product who demand is elastic. List five substitutes and five complimentary goods. Which...

8. Pick a product who demand is elastic. List five substitutes and five complimentary goods. Which is easier to come up with, the list of substitutes or the list of compliments? Explain.

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Answer #1

Pizza hut pizzas is the chosen product whose demand is elastic.

Substitutes

1. Domino's Pizza

2. Papa Johns Pizza

3. Little Caesers Pizza

4. Pasta

5. Fried chicken

Substitute goods provide the same level of satisfaction. If the price of the good goes up, the demand for the substitute increases.

Complementary goods

1. Bread sticks

2. Garlic bread

3. Soft drinks

4. Beer

5. Chilli flakes

Complementary goods have joint demand. If the demand for one good goes up, the demand for the other also increases.

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