Firstly, an example of complementary demand in my life would be buying a canvas and a set of paints. You cannot create art without paint but if you have nothing to paint on then the paints are useless. Complementary demand is like the-milk-to-my-cookie; when you have one you need the other. Therefore, I have a canvas, so I need to paint to create my art.
Secondly, an example of substitute demand in my life would be my iPad to my iTouch. Now, I know most people believe them to be very similar, basically the iPad being a larger version to the iTouch, so why is the iPad a substitute? My iTouch is very easy to carry around, and at night I like to listen to music before I sleep. Seeing as the ability to listen to music on that device is unavailable to me, I have to use my iPad to complete this service. It has the same quality when producing the sound of the songs I play comparatively to my iTouch, however, it's so much bigger and more awkward that it does become a hassle. This would be an imperfect example of a substitute good. It is imperfect because I, as the consumer, is not fully satisfied with the service/good as I need it to be.
Thirdly, an example of inelastic demand in my life would be Ginger Ale. No matter how the high the cost of Ginger Ale, I guarantee you I will buy it. My love for Ginger Ale will not shake me, as a consumer, to stop buying this good. This is a correct example because my demand does not increase or decrease with the change in price of this product.
Fourthly, an example of elastic demand in my life would be clothes. I am not going to purchase an eighty-dollar shirt (unless it has an affiliation with Pokemon, The Hunger Games, or Harry Potter) when I can buy two-three outfits in the clearance section for the same price. I know this may not be cut and dry elastic demand because I'm still buying the product, but I am getting more bang for my buck. The essential point to this is, the more expensive an article of clothing is, the less likely I will purchase it.
