Examlex
When a spherical ball of metal is heated, the radius of the sphere increases by 0.3% per degree increase in temperature. Use differentials to estimate the percentage increase in the surface area and volume of the ball per degree increase in temperature.
Substitutes
Goods or services that can replace each other in usage, offering alternative choices to consumers.
Complements
Goods or services that are used together, where the use of one increases the demand for the other.
Income Elasticity of Demand
A measure of how much the quantity demanded of a good responds to a change in consumers' income, holding all other factors constant.
Inferior Good
An inferior good is a type of good whose demand decreases when consumer income rises, unlike normal goods, where demand increases with rising consumer income.
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