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cross-elasticity of demand

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cross-elasticity of demand

Measure of the responsiveness of the change in quantity demanded of one good when another good changes in price. For example, the cross-elasticity of demand of oranges for apples measures how responsive the change in quantity demanded of oranges is when the price of apples changes. The cross-elasticity of demand of good Y for good X is measured by dividing the percentage change in the quantity demanded of good Y by the percentage change in the quantity demanded of good X.



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