Independent goods
id:
independent-goods-288-10434771
title:
Independent goods
text:
Independent goods are goods that have a zero cross elasticity of demand. Changes in the price of one good will have no effect on the demand for an independent good. Thus independent goods are neither complements nor substitutes. For example, a person's demand for nails is usually independent of his or her demand for bread, since they are two unrelated types of goods. Note that this concept is subjective and depends on the consumer's personal utility function. A Cobb-Douglas utility function impl
brand slug:
wiki
category slug:
encyclopedia
description:
Goods that are neither complements nor substitutes
original url:
https://en.wikipedia.org/wiki/Independent_goods
date created:
date modified:
2023-05-31T01:03:59Z
main entity:
{"identifier":"Q4316267","url":"https://www.wikidata.org/entity/Q4316267"}
image:
{"content_url":"https://upload.wikimedia.org/wikipedia/commons/5/5f/Cross_elasticity_of_demand_independent.svg","width":274,"height":274}
fields total:
13
integrity:
15