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50 Examples of Complementary Goods John Spacey, updated on May 08, 2024. Complementary goods are products or services that tend to sell together. Demand for one, translates into demand for the other. This is a basic concept in economics that is commonly used as a product strategy. The following are illustrative examples of complementary goods. Advertising & Graphic Design. Air Purifiers & Filters.
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BetaWhat is complementary goods example? Some examples of complementary goods include: 1. Tennis Balls and Tennis Racket 2. Mobile Phones and Sim Cards 3. Petrol and Cars 4. Burger and Burger Buns 5. PlayStation and Games 6. Movies and Popcorn 7. Shoes and Insoles 8. Pencils and Notebooks. About Paul. Paul Boyce is an economics editor with over 10 years experience in the industry. Currently working as a consultant within the financial services sector, Paul is the CEO and chief editor of BoyceWire.
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BetaFor example, if the demand for cars increases in the market, this automatically triggers the demand for petrol in the market. Complements Graphs. Considering two complementary goods, petrol and cars, the economic relationship between the price of petrol and the quantity demanded for cars is negative, as illustrated by the following graphs:
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BetaThe classic example of complementary goods is peanut butter and jelly. When people buy peanut butter, they often purchase jelly as well, as the two products are commonly used together in sandwiches. Substitute goods, on the other hand, are products that can be used interchangeably to satisfy a similar need. When the price of one substitute good increases, consumers tend to switch to a more affordable option. An example of substitute goods is butter and margarine.
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BetaExamples of complementary goods include hot dogs and hot dog buns, smartphones and protective cases, printer and ink cartridges, cereal and milk, and laptops and laptop cases. The main difference between complementary and substitute goods is that complementary goods are consumed together while substitute goods are consumed in place of each other.
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BetaTwo products are called complementary goods in economics when each one shares a beneficial relation, for example, mobile phone and mobile cover. Both cannot exist alone, and thus each one plays a role in the value offering. The complementary goods graph, on the other hand, has a negative cross elasticity of demand which means if the price of one product significantly increases, the demand for the related consumer goods tends to fall as due to increase of the price of one product, consumers ...
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BetaExample. A classic example of complementary goods is smartphones and data plans. To fully utilize a smartphone, you need a data plan. Without data, the functionality of a smartphone is significantly limited to non-wireless functions. As the price of smartphones decreases, more people are likely to purchase them, which in turn, increases the demand for data plans. Conversely, if data plans become more affordable, people are more inclined to use their smartphones for data-intensive activities ...
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BetaA complementary good is a good or service which is used in conjunction with another good or service. It is given this name in economics because it ‘complements’ the use of another good. Therefore, if the demand for a good or service increases, the demand for the complementary good will also increase as the two are used together.
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BetaAs charcoal gets cheaper, the demand continually increases for steaks, as more people want to grill. Steaks are a weak complement to charcoal because people also buy hamburgers, hotdogs, chicken and several other food products they might grill. Although the demand for steaks rises, the demand for many weak complementary products makes that demand rise less significantly. Examples of complementary goods Technology
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BetaComplementary goods are products that are used together to satisfy a particular need or want. The demand for one good is directly related to the demand for the other good. Examples of complementary goods include hot dogs and hot dog buns, or printers and ink cartridges.
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