Question

What is price elasticity of demand ? Explain its types and importance of each type in the field of foreign trade.

Answer 1

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━━━━━━━━━━━━━━━━━━━$\mathfrak{\green{Answer.}}$There are four types of elasticity, each one measuring the relationship between two significant economic variables. They are: ... Cross elasticity of demand (XED), which measures the responsiveness of the quantity demanded of one good, good X, to a change in the price of another good, good Y.
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Answer 2

Price elasticity of demand (PED or Ed) is a measure used in economics.