Economics · Microeconomics
Using the arc elasticity method, which of the following is the correct formula to calculate the cross-price elasticity of demand?
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1Δp y Δq x × p y1 +p y2 q x1 +q x2
- 2− Δp y Δq x × p y1 +p y2 q x1 +q x2
- 3Δp y Δq x × q x1 +q x2 p y1 +p y2✓
- 4Δp y Δq x × p y1 −p y2 q x1 −q x2
Correct answer
Δp y Δq x × q x1 +q x2 p y1 +p y2
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