Can some one please tell me the formula for cross elasticity of Demand?
Is it as follows?
Change in qty of substitute/Change in price of good y x Original price of good y/Original qty of substitute
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Cross Elasticity of Demand
Replies (3)
Do not multiply with anything. It ends with the first part.
Change in qty of substitute/Change in price of good y
Is this the formula???????????
YEs . percentage change in qty / percentage change in price.
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