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Micro 1 > Micro 1.2 XED > Flashcards

Micro 1.2 XED Flashcards

1
Q

What is XED?

A

The responsiveness of the quantity demanded of good 1 to a proportionate change in the price of good 2

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2
Q

What is the XED formula?

A

% change in quantity demanded of good 1 / % change in the price of good 2

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3
Q

What is the XED value of Substitutes?

A

positive

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4
Q

What is the XED value of Complements?

A

negative

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5
Q

What is the XED value of unrelated products?

A

0

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Micro 1 (8 decks)

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