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Cross-Price Elasticity of Demand
Cross-Price elasticity of demand:
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Two goods whose cross-price elasticity is positive, are substitutes.
Two goods whose cross-price elasticity is negative, are complements.
For substitute goods, an increase in the price of one good would shift the demand curve for the other good upward and to the right.
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[Practice Problems] Movement along the demand curve for good X occurs due to a change in:
A. income.
B.the price of good X.
C. the price of a substitute for good X.
198Price Discrimination:Another possibility is that public price:disclosure is non-existent.,Not:Alsoe.g.professional version
316Own-Price Elasticity of Demand:Elasticity is a general measure of how sensitive one variable is to any other variable:%Δy%Δx.,When the magnitude of the own-price elasticity,or unitary elastic.
32Income Elasticity of Demand:elasticity of demand
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