Economy, asked by abhinavdey2400, 1 year ago

What is elasticity of demand ? Explain Income and Cross Elasticity of Demand.

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Answered by jenijasmine29

the demand elasticity (elasticity of demand) refers to how sensitive the demand for a good is to changes in other economic variables, such as prices and consumer income.

the money you receive regularly as payment for your work or as interest on money you have saved, etc. is known as income.

the cross elasticity of demand or cross-price elasticity of demand measures the responsiveness of the quantity demanded for a good to a change in the price of another good, ceteris paribus.

Answered by BrainlyBAKA

Cross Elasticity

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.

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