Mind map
Cross elasticity of demand
Mind map: Cross elasticity of demand
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Cross elasticity of demand
Measuring the relationship between 2 products/services
- So measures the effect of a change in the price of 1 of those products (cars) on the other product (petrol)
XED= %change in QD of good A / % hange in price of good B
Look for symbol=substitutes(+) and complements(-)
Look for number= elastic(above 1) and inelastic(below 1)
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- A Levels Economics (Microeconomics) Mind Map on Cross elasticity of demand, created by lucyhacking on 01/12/2013.
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- lucyhacking
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