Question

what is cross elasticity of demand?

Answer 1

Therefore, it depends upon substitutability of goods. If substitutability is perfect, cross elasticity is infinite; if on the other hand, substitutability does not exist, cross elasticity is zero. In the case of complementary goods like jointly demanded goods cross elasticity is negative.

Answer 2

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

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