Managerial Economics Defination

Normal good-A good or service for which an increase (decrease) in income casues consumers to demand more (less) of the good, holding all other variables in the general demand function constant

Inferior Good-A good or service for which an increase (decrease) in income cases consumer to demand less (more) of the good, all other factors held constant

Substitutes-Two goods are substitutes if an increase (decrease) in the price of one of the goods causes comsumers to demand more (less) of the other goods, holding all other factors constant

Complements - Two goods are complements if an increase (decrease) in the price of the goods causes comsumers to demand less (more) of the other good, all other things held constant.