Question

Explain cross price of demand with an example​

Answer 1

Explanation:

Explaining Cross Elasticity of Demand

For example, if the price of coffee increases, the quantity demanded for tea (a substitute beverage) increases as consumers switch to a less expensive yet substitutable alternative. ... Items that are strong substitutes have a higher cross-elasticity of demand.

Answer 2

Answer:

Explaining Cross Elasticity of Demand-

For example, if the price of coffee increases, the quantity demanded for tea (a substitute beverage) increases as consumers switch to a less expensive yet substitutable alternative. ... Items that are strong substitutes have a higher cross-elasticity of demand

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