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Explain the concept of cross demand...Essay Question Answer✅ Correctly❌ Wrong answer will be reported... |
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Answer» Answer: The CROSS elasticity of demand is the relation between percentage change in the quantity demanded of a GOOD to the percentage change in the PRICE of a related good. In the words of J.S. Sloman, “Cross elasticity of demand refers to the responsiveness of demand for one good to a change in the price of ANOTHER.” |
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