A decrease in the demand for a product X resulted in a decrease in the demand for another product Y. The demand for X and Y is

Assessment: WAEC SSCE - Economics - 2012 (Objective) Subject: Economics

Question 1 Report

A decrease in the demand for a product X resulted in a decrease in the demand for another product Y. The demand for X and Y is

Answer Details
The demand for X and Y is said to be a joint demand because they are consumed together. A decrease in the demand for one product (X) leads to a decrease in the demand for the other product (Y) because they are complementary goods. This means that they are usually used together, so a change in the demand for one will affect the demand for the other. Joint demand occurs when two or more goods are demanded together because they satisfy a particular need or want.
Read lesson note on The Theory Of Demand (JAMB)
Read lesson note on Demand (WAEC)
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