406570
Description
Mind Map by lucyhacking, updated more than 1 year ago
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Created by lucyhacking
almost 11 years ago
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Cross elasticity of demand
- Measuring the relationship between 2 products/services
- So measures the effect of a change in the price of 1 of
those products (cars) on the other product (petrol)
- So measures the effect of a change in the price of 1 of
those products (cars) on the other product (petrol)
- XED= %change in QD of good A / % hange in price of good B
- Look for symbol=substitutes(+) and complements(-)
- Look for number= elastic(above 1) and inelastic(below 1)
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