Question

distinguish between price elasticity of demand and cross elasticity of demand explain with example the importance of the concept of elasticity of demand​

Answer 1

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━━━━━━━━━━━━━━━━━━━$\mathfrak{\green{Answer.}}$The proportionate change in quantity demanded of a commodity due to change in price of another commodity (like the substitute or the complementary good) is called ascross elasticity of demand. The positive coefficient of cross elasticityshows that the given commodities are substitutes
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