If the price falls by 50% and the quantity demanded falls by 25%, find cross price elasticity of demand

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24-07-2018
Business

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If the price falls by 50% and the quantity demanded falls by 25%, find cross price elasticity of demand

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arjungurung200pbw2h2 arjungurung200pbw2h2 · Answer 1 · 2018-07-25T15:15:01+02:00

arjungurung200pbw2h2 arjungurung200pbw2h2

25-07-2018

Simply divide the percentage change in the quantity demand with the percentage change in price, giving you a positive value of 0.5. This shows that it is inelastic and the two goods are substitutes to each other.

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