Using the points and examples from the talk, explain how substitute goods and complement goods influence demand for a particular product.
1. So when we talk about the demand for a product, we are referring to how much consumers want to buy it, right?
2. And often the demand for a product is influenced by its price - the more expensive it becomes the less chance that people will want to buy it.
3. OK, but, um that's not the whole story.
4. Sometimes the demand for a product can also be influenced by the price of other related products.
5. First, there are those products called substitute goods.
6. If products can be substituted for one another, then, um, well, then they are called substitute goods.
7. They are similar enough to be interchangeable.
8. And an increase in the price of one means an increase in the demand for the other, like…like butter and margarine.
9. They are pretty much used for the same purposes.
10. Margarine are butter substitute and you can bake equally well with either.
11. Well, when the price of butter goes up, it becomes less affordable and so what will people do?
12. They buy margarine instead, right?
13. So, uh, you see an increase in the price of butter increases the demand for margarine.
14. Now another instance where the price of one product can influence the demand of another is uh...is when you have two products that can't be used without each other.
15. Those products, we call complement goods - they complement, or uh, complete each other if you will like compact discs and compact disc players.
16. You need both products in order to use either.
17. So if the price of either product increases, demand for both is likely to decrease.
18. And if the price of CDs goes up, well, demand for them will go down, right?
19. And because CDs and CD players complement each other, what will also happen is that the demand for CD players will go down too.
Attributes: Values AverageValues Percentages(Values/AverageValues)% => Comments
Performance on vocabulary words:
No of characters: 701.0 578.828451883 121% => OK
No of words: 177.0 151.265690377 117% => OK
Chars per words: 3.9604519774 3.82278263415 104% => OK
Fourth root words length: 3.64748333727 3.50058242952 104% => OK
Word Length SD: 1.86056786763 1.80425224433 103% => OK
Unique words: 109.0 92.4686192469 118% => OK
Unique words percentage: 0.61581920904 0.61298525976 100% => OK
Syllable count: 221.4 182.283891213 121% => OK
Avg_syllables_per_word: 1.3 1.20543933054 108% => OK
Performance on coherence:
Topic speech coherence ratio: 0.0843587957588 0.0839705835288 100% => OK
Acoustic performance on paragraphs:
How many acoustic paragraphs: 3.0 4.47071129707 67% => OK
Average paragraph length: 59.0 65.8948926009 90% => OK
STD paragraph length: 23.3380947523 19.7758100068 118% => OK
Average paragraph duration: 19.8 25.5208953607 78% => OK
STD paragraph duration: 7.46224273705 7.49434385956 100% => OK
Acoustic performance on sentences:
How many acoustic sentences: 39.0 42.9832635983 91% => OK
Average acoustic sentence length: 4.53846153846 3.78147595546 120% => OK
STD acoustic sentence length: 2.7813126752 2.94285465224 95% => OK
Average acoustic sentences duration: 1.43025641026 1.39386743896 103% => OK
STD acoustic sentences duration: 0.820748523838 0.967747756167 85% => OK
Acoustic performance on acoustic silence:(An acoustic silence means a little pause between two or more words)
How many acoustic silence: 42.0 40.4456066946 104% => OK
Total acoustic silence duration: 9.9 7.59280334728 130% => It may have a lot of silences or every silence is too long.
Average acoustic silence duration: 0.235714285714 0.19053887516 124% => Maybe the pauses are too long.
STD acoustic silence duration: 0.194227932584 0.157467062838 123% => OK
Acoustic performance on acoustic words:
Total word duration: 45.21 46.3453556485 98% => OK
Average word duration: 0.255423728814 0.308780311121 83% => OK
STD word duration: 0.155574263705 0.201157623399 77% => OK
Disfluencies: like hesitations, or 'ehn' or taking a long time to pronounce a word:
How many disfluencies: 4.0 8.09623430962 49% => OK
Total_disfluencies_duration: 3.1 6.56692468619 47% => OK
Total acoustic noise duration: 2.04 3.53066945607 58% => OK
Acoustic rates:
Total speech duration: 59.4 59.5455230126 100% => OK
Compare to expected duration: 0.99 0.992425383543 100% => OK
Rate of silence: 0.707070707071 0.681803438845 104% => OK
Rate of speech: 2.9797979798 2.53813033465 117% => OK
Rate of speech by unique words: 1.83501683502 1.55221717717 118% => OK
Rate of word duration by unique words: 2.41097102411 1.99939622689 121% => OK
Average articulation rates: 0.253594920904 0.309613076454 82% => OK
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Rates: 90.0 out of 100
Scores by speech e-grader: 27.0 Out of 30
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Note: the speech e-grader does NOT examine the meaning of words and ideas.