alexisz4122 alexisz4122

09-03-2020
Business

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If the price of Product E decreasing by 9 % causes its quantity demanded to increase by 14 % and the quantity demanded for Product F to increase by 12 % , what is the cross-price elasticity of demand?

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ewomazinoade ewomazinoade

12-03-2020

Answer:

1.33

Explanation:

Cross price elasticity of demand measures the responsiveness of quantity demanded of good A to changes in price of good B.

Cross price elasticity = percentage change in quantity demanded of good F / percentage change in price of good E

12% / 9% = 1.33

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