5)Cross elasticity of demand (XED)
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Last updated 10:59 PM on 10/23/24
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4 Terms
1
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XED formula
%change in quantity demand of a/percentage change in the price of b
2
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Complements
XED will always be negative as price of good b increases or decreases the quantity demanded fore good a will do the opposite
3
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Substitutes
XED will always be positive
4
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Unrelated goods
XED will always be 0
Note 
Flashcards (65)