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Cross price elasticity of demand
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Cross price elasticity of demand

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AQA, Aquinas, Economics, ECON1, Markets, Market Failure

AQA, Aquinas, Economics, ECON1, Markets, Market Failure

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  • 1. ECON1 WWW.AQUINASECONOMICSAS.CO.UK @AQUINASECONOMIC Cross Price Elasticity of Demand Answer all the questions below 1. Explain the concept of Cross Price Elasticity of Demand 2. What is the calculation for Cross Price Elasticity of Demand 3. Explain using an example a situation whereby Cross Price Elasticity of Demand would be applicable 4. If the cross price elasticity of demand was positive what would this mean? 5. If the cross price elasticity of demand was negative what would this mean? 6. Give examples of both substitutes and complementary goods