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Principles of Economics 2e

2nd Edition
Steven A. Greenlaw; David Shapiro
ISBN: 9781947172364

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BuyFindarrow_forward

Principles of Economics 2e

2nd Edition
Steven A. Greenlaw; David Shapiro
ISBN: 9781947172364
Textbook Problem

What is the formula for line cross-price elasticity of demand?

To determine

Write the formula for cross-price elasticity of demand.

Explanation

Cross price elasticity: The degree of responsiveness to change in quantity demanded of one good due to change in price of another good. The formula for cross price elasticity is given as:

exy = ΔQxΔPy×

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