Formulate the Cross Elasticity of demand
Formulate the Cross Elasticity of demand?
Expert
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.
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For labor Plastibristle’s demand is most wage elastic at: (1) point a. (2) point b. (3) point c. (4) point d. Discover Q & A Leading Solution Library Avail More Than 1460480 Solved problems, classrooms assignments, textbook's solutions, for quick Downloads No hassle, Instant Access Start Discovering 18,76,764 1947788 Asked 3,689 Active Tutors 1460480 Questions Answered Start Excelling in your courses, Ask an Expert and get answers for your homework and assignments!! Submit Assignment
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