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Economics > LS 15- Elasticity Part 2 > Flashcards

LS 15- Elasticity Part 2 Flashcards

1
Q

What is the formula for cross price elasticity of demand?

A

XED= Percentage change of quantity demanded of good A / Percentage change of price of good B

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2
Q

What is cross price elasticity of demand?

A

It is a measure of the responsiveness of demand of one good given changes in price of another good.

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3
Q

What XED values are:
Substitutes
Complements
Unrelated

A

Substitues- Positive
Complements- Negative
Unrelated- 0

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Economics (15 decks)

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