What is the elasticity for a cross-price inelastic substitute good?A.Less than -1B.Between 0 and 1C.Greater than 1D.Between -1 and 0SUBMITarrow_backPREVIOUS
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Solution 1
The cross-price elasticity of demand measures the responsiveness of the quantity demanded for a good to a change in the price of another good. It is defined as the percentage change in quantity demanded for the first good that occurs in response to a percentage change in price of the second good.
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the price elasticity of supply is A. Perfectly inelastic B. Elastic C. Unitary D. Inelastic E. Perfectly elastic