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The nature of complements and substitutes, defined in Measures of response: elasticities, can be further understood with the help of Figure 6.10. The new equilibrium has been drawn so that the increase in the price of jazz results in more snowboarding—the
quantity of S increases to
from
. These goods are substitutes in this picture, because snowboarding increases in response
to an increase in the price of jazz. If the new equilibrium
were at a point yielding a lower level of S than
, we would conclude
that they were complements.
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