Asked by
Kelsi Jones
on Oct 12, 2024
Verified
Cross elasticity is defined as the _______________.
A) percentage change in price of a one good (A) ,divided by the percentage change in the quantity demanded of a related good (B)
B) percentage change in quantity demanded for one good (A) ,divided by the percentage change in the price of a related good (B)
C) percentage change in quantity demanded for one good (A) ,divided by the percentage change in the price of that good (A)
D) change in quantity demanded for one good (A) ,divided by the change in the price of a related good (B)
Percentage Change
A mathematical calculation that shows how much a number has increased or decreased compared to its previous value, expressed as a percentage.
- Grasp the theory of cross elasticity of demand and its importance for distinguishing goods as substitutes or complements.
Verified Answer
JT
Learning Objectives
- Grasp the theory of cross elasticity of demand and its importance for distinguishing goods as substitutes or complements.
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