Question

what can you say about cross elasticity of demand timber and wooden furniture​

Answer 1

Answer:

In economic terms cross elasticity of demand is in terms of demand for a product in relation to the change in the price of another related product.

We can measure the cross elasticity of demandd is% of the change in the demand for product by the % of the change in the price of product. The cross price elasticity indicate the furniture producers do substitute species, so popular lumbar has a negative cross elasticity.increases the production cost leads to increasing the consumer prices.