Business Studies, asked by sreekanthreddy985, 5 months ago

there is a high cross elastic of demand between old and new cars how?

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Answered by dineshwari8

2

◃:✮.❃ Cross elasticity of demand measures the degree of responsiveness of the demand for a certain product to a given change in the price of another product. ... Old cars will sell at relatively low prices compared to new cars as they have been used for a while and this suggests how their demand is highly elastic ❃.✮:▹

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