Formulate the Cross Elasticity of demand
Formulate the Cross Elasticity of demand?
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Cross elasticity of demand can be commutated by the given formula:
Cross Elasticity =
Proportionate alteration in Quantity demanded of a Commodity / Proportionate alteration in the Price of Related Commodity
When the cross elasticity is positive then the commodities are said to be substitutes and when cross elasticity is negative so the commodities are compliments. The substitute goods (as Coffee and tea) have positive cross elasticity since the increase in the price of tea may raise the demand of the coffee and the consumer may move from the consumption of coffee to tea.
The arc elasticity of Plastibristle’s demand for labor in between point c and point d is approximately: (1) 0.375. (3) 0.545. (4) 0.833. (4) 1.200 (5) 2.000. Q : Strategy probable to make a cartel A A strategy probable to make a cartel successful would be for cartel members to: (w) give heterogeneous goods. (x) stagger the amount by that they raise prices. (y) have set enforceable production quotas. (z) keep high prices when several fringe compet
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