What do you mean by substitutes? Give examples of two goods which are substitutes of each other.
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What do you mean by substitutes? Give examples of two goods which are substitutes of each other.
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Substitute goods are products that can be used in place of other products.

 Tea and coffee, for example, are items that can be swapped for one another. If the price of tea rises, demand for tea will fall, and consumers would replace coffee for tea, resulting in an increase in coffee demand.

If there is an increase in the price of tea (PT) ,

 then the demand for tea decreases (DT)

and the demand for coffee increases (Dc

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