Question

Q9: Explain the cross elasticity of demand?
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Answer 1

Answer:

The cross elasticity of demand is an economic concept that measures the responsiveness in the quantity demanded of one good when the price for another good changes. Also called cross-price elasticity of demand, this measurement is calculated by taking the percentage change in the quantity demanded of one good and dividing it by the percentage change in the price of the other good.

Answer 2

Answer:

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.

Explanation:

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