A. The quantity demanded of product A has increased by 5% in response to a 10% increase in price of product . Calculate the cross elasticity of demand. [2.5]-
Answers
Answered by
1
Answer:
The formula is as follows: CROSS PRICE ELASTICITY OF DEMAND = % change in quantity demanded for Product A / % change in price of product B. The number and answer from our formula can help us determine the relationship and how certain products interact with each other.
Similar questions