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| In the demand function, how to tell substitute/complement goods? |
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∂Q/∂Py>0 means substitute goods
∂Q/∂Py>0 means complement goods |
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| In the demand function, how to tell normal/inferior goods? |
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∂Q/∂I>0 means normal goods
∂Q/∂I<0 means inferior goods
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| vertical, perfectly inelastic |
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| horizontal, perfectly elastic |
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normal good
EI<1 - necessity, income inelastic
EI>1 - luxury, income elastic |
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