Multiple Choice
The definition of cross elasticity of demand for two products X and Y is
A) percentage change in quantity of X demanded/percentage change in quantity of Y demanded.
B) percentage change in price of Y/percentage change in quantity of X demanded.
C) percentage change in price of Y/percentage change in price of X.
D) percentage change in quantity of X demanded/percentage change in price of Y.
Correct Answer:
Verified
Correct Answer:
Verified
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