Economics · Economics

What is the formula for calculating the cross-price elasticity of demand?

Verified Solution4 OptionsUpdated: October 2026👁️1 View

1Percentage change in quantity demanded of good B - Percentage change in price of good A
2Percentage change in quantity demanded of good A * Percentage change in price of good B
3Percentage change in quantity demanded of good B / Percentage change in price of good A
4Percentage change in quantity demanded of good A / Percentage change in price of good B✓

Correct answer

Percentage change in quantity demanded of good A / Percentage change in price of good B

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