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Economics Lecture Five (view source)

Revision as of 17:26, March 20, 2013

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→‎Cross Elasticity

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Mathematically, cross elasticity is as follows:

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:<math>Xed = \frac{% \Delta (Quantity\:demanded\:of\:good\:Y)}{% \Delta (Price\:change\:in\:good\:X)}</math>

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:<math>Xed = \frac{% \Delta (\mbox{Quantity demanded of good Y})}{% \Delta (\mbox{Price change in good X})}</math>

'''''Note that cross elasticity is different from price elasticity in that cross elasticity is comparing the change in demand for one good in response to the change in price of another good'''''.

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