Economics · Microeconomics
Cross elasticity of demand measures which of the following?
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1The proportionate change in the demand for both goods simultaneously
- 2The percentage change in the quantity demanded of one good in response to a percentage change in the price of another good✓
- 3The relative change in the quantity demanded of a given good
- 4The change in the price of a related good
Correct answer
The percentage change in the quantity demanded of one good in response to a percentage change in the price of another good
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