(Answered) What is the difference between substitution and perfect

Management Studies

What is the difference between substitution and perfect substitution/complementary and perfect complementary?

Suppose there are only two goods consumed and when the price of one of the goods goes up, what happens to the quantity demanded of another good if the relationship between two goos is in substitution/ perfect substitution / complementary / perfect complementary? additionally, how dose the income and substitution effect work in this case?

Providing a graph would be helpful for me to understand.

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Business Management, Management Studies

Category:- Business Management
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