cross elasticity of demand 1
noundomain: natural proc.
EnWordnet [ver.5.0]
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EnglishDefinition
in economics, the cross elasticity of demand measures the responsiveness of the demand for a good to a change in the price of another good.
Examples
- 1.Fuel and cars are complements; that is, one is used with the other; in these cases the cross elasticity of demand will be negative, as shown by the decrease in demand for cars when the price for fuel will rise.
Synonyms
- cross-price elasticity of demand 1
in economics, the cross elasticity of demand measures the responsiveness of the demand for a good to a change in the price of another good.
