IB Economics: Micro: Demand: Non-price determinants of demand: Substitutes

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Published at : 21 Oct 2020
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Video tutorial for IB Economics students illustrating how to draw and analyze the price of related goods (substitutes) as an example of non-price determinants of demand

Scenario 1:
Coca Cola (Coke) raises price leading to an increase in demand for Pepsi

Scenario 2:
Coca Cola (Coke) lower price leading to a decrease in demand for Pepsi

Note:
Paper 1 analysis of the economic model for Scenario 1 at time 6:02

Paper 1 analysis of the economic model for Scenario 2 at time 11:55
law of demandnon-price determinants of demandnon-price determinants

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