Advertisements
Advertisements
Question
Give economic term:
Degree of responsiveness of a change in quantity demanded of one commodity due to a change in the price of another commodity.
One Word/Term Answer
Advertisements
Solution
Cross elasticity of Demand
Explanation:
It measures the degree of responsiveness of the quantity demanded of one good to a change in the price of another good.
`E_xy = "Percentage change in quantity demanded of good X"/"Percentage change in price of good Y"`
shaalaa.com
Is there an error in this question or solution?
