Economics · Microeconomics
Which of the following represents the correct formula for calculating the cross elasticity of demand?
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1(Absolute change in demand for Good B) - (Absolute change in price of Good A)
- 2(Absolute change in demand for Good A) * (Absolute change in price of Good B)
- 3(Proportionate change in demand for Good B) / (Proportionate change in price of Good A)
- 4(Proportionate change in demand for Good A) / (Proportionate change in price of Good B)✓
Correct answer
(Proportionate change in demand for Good A) / (Proportionate change in price of Good B)
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