(2) Cross Price Elasticity of Demand
Cross Price Elasticity, Substitutes, Complements
This discusses the other types of demand elasticity. Particular attention is given to the Cross Price Elasticity of Demand, and the concept of substitute and complement goods. The two pieces of information that can be extracted from a cross price elasticity value are emphasized.
Crane, Steven E., "(2) Cross Price Elasticity of Demand" (2011). Principles of Microeconomics. Paper 61.
Ability to distinguish and explain the meaning of a cross price elasticity of demand. Ability to calculate and interpret cross price elasticity values.
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