Explain the concept of cross demand...Essay Question Answer✅ Correctly❌ Wrong answer will be reported...
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The cross elasticity of demand is the relation between percentage change in the quantity demanded of a good to the percentage change in the price of a related good. In the words of J.S. Sloman, “Cross elasticity of demand refers to the responsiveness of demand for one good to a change in the price of another.”
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Definition of 'Cross Elasticity Of Demand' Definition: The measure of responsiveness of the demand for a good towards the change in the price of a related good is called cross price elasticity of demand. It is always measured in percentage terms. ... Related goods are of two kinds, i.e. substitutes and complementary goods.
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