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Define Or Explain the Following Concepts (Any Three): Cross Elasticity of Demand - Economics

Define or explain the following concepts (Any THREE): 

Cross elasticity of demand 

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Solution

It refers to the responsiveness of quantity demand of 'X' commodity with given change in the price of 'Y' commodity assuming that except prices of 'Y' commodity all other conditions of demand remains same.

Concept: Importance of Price Elasticity of Demand
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