Cross elasticity of demand

lucyhacking
Mind Map by , created almost 6 years ago

A Levels Economics (Microeconomics) Mind Map on Cross elasticity of demand, created by lucyhacking on 12/01/2013.

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lucyhacking
Created by lucyhacking almost 6 years ago
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Cross elasticity of demand
1 Measuring the relationship between 2 products/services
1.1 So measures the effect of a change in the price of 1 of those products (cars) on the other product (petrol)
2 XED= %change in QD of good A / % hange in price of good B
3 Look for symbol=substitutes(+) and complements(-)
4 Look for number= elastic(above 1) and inelastic(below 1)

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