Examlex
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Cross Elasticity
A measure of how the quantity demanded of one good responds to a change in the price of another good.
Substitute Goods
Products or services that can be used in place of each other. When the price of one falls, the demand for the other product falls; conversely, when the price of one product rises, the demand for the other product rises.
Cross Elasticity
A measure of how the quantity demanded of one good responds to a change in the price of another good, indicating the degree of substitutability or complementarity between them.
Percentage Change
A mathematical calculation that shows how much a quantity has increased or decreased in percentage terms over a specific period.
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