A Cross Price Elasticity of Demand for Product $A$ With Respect to the Price of Product

question 27

Multiple Choice

A cross price elasticity of demand for product $A$ with respect to the price of product $B$ of 0.3 means that

• A) an increase in the price of A by 10 percent gives rise to an increase in quantity demanded of B by 3 percent.
• B) an increase in the price of B by 10 percent gives rise to an increase in the quantity demanded of A by 3 percent.
• C) an increase in the price of B by 10 percent gives rise to a decrease in the quantity demanded of A by 3 percent.
• D) an increase in the price of A by 10 percent gives rise to a decrease in the quantity demanded of B by 3 percent.

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Definitions:

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