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2.2.10. Cross elasticity of demand
The degree of change in demand for a product as a result of change in the price of another product is known as cross elasticity of demand. It shows how the demand for a commodity depends on the prices of related commodities which may be substitutes or complements. The formula for cross elasticity of demand is as follows:
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Last modified: Wednesday, 21 December 2011, 7:44 AM