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18 May, 03:11

The formula for the cross-price elasticity of demand is percentage change in rev: Multiple Choice quantity demanded of B/percentage change in price of B. quantity demanded of B/percentage change in income. quantity demanded of B/percentage change in price of A. price of B/percentage change in quantity demanded of A.

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  1. 18 May, 04:00
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    Quantity demanded of B/percentage change in price of A.

    Explanation:

    Cross price elasticity of demand is calculated as follows:

    = Percentage change in quantity demanded for Good B : Percentage change in price of good A

    Cross price elasticity of demand is positive for the substitute goods and negative for the complimentary goods.

    For Substitute goods:

    It states that there is a positive relationship between the price of a good and the quantity demanded for its substitute goods.

    For complimentary goods:

    It states that there is an inverse or negative relationship between the price of a good and the quantity demanded for its complimentary goods.
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