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Answer :
Final answer:
The question deals with price inelasticity, and the concepts of complements and substitutes in relation to Coke and Sprite's sales. However, the claim that Coke and Sprite are both substitutes and complements causes contradiction as these terms have different implications on demand.
Explanation:
This question revolves around the concepts of price inelasticity, complements, and substitutes in the context of Coca-Cola and Sprite's sales data from 2020 to 2022. For clarification, price inelasticity means that changes in price have little effect on the quantity demanded. Both Coke and Sprite are said to be price inelastic. Moreover, they're described as complements and substitutes. Complements are goods that are often consumed together, so if the price of one increases, the demand for both falls. On the other hand, substitutes are goods that can replace each other; if the price of one rises, consumers might switch to the other, raising its demand.
However, these concepts contradict each other in this context since substitutes and complements influence demand differently. The claim about being both substitutes and complements leads to confusion.
Learn more about Economics of Price Inelasticity here:
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