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प्रश्न
What is meant by cross elasticity of demand?
What is the cross elasticity of demand?
उत्तर
Cross elasticity of demand measures, the responsiveness of demand for a commodity to a change in the price of other related commodity.
संबंधित प्रश्न
Give economic term:
Degree of responsiveness of quantity demanded to change in income only.
Give economic terms:
Degree of responsiveness of a change in quantity demanded of one commodity due to a change in the price of another commodity.
Distinguish Between
Price elasticity of demand and Income elasticity of demand
Assertion (A): A change in quantity demanded of one commodity due to a change in the price of other commodity is cross elasticity.
Reasoning (R): Changes in consumers income leads to a change in the quantity demanded.
Assertion (A): A change in quantity demanded of one commodity due to a change in the price of other commodity is cross elasticity.
Reasoning (R): Changes in consumers income leads to a change in the quantity demanded.
Read the extract given below and answer the questions.
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The Economic Times - 2024 “Lakshadweep becomes new keyword for investors. Praveg caught shareholder’s attention as it had last month received a work order for the development of operation, maintenance and management of atleast 50 tents at Lakshadweep’s island. The resorts will also offer commercial activities like scuba diving, destination weddings, corporate functions etc. Small cap soars 43% in 3 days. It is known for its luxury resorts in tourist places. During the day the stock rallied 17% to hit an all time high of Rs. 1,187.95" |
- What commercial activities would the resorts offer?
- State the quality of a factor of production highlighted above.
- Define price elasticity of demand.
- State the doctrine of Laissez faire.
Define the term price elasticity of demand.
If commodity X and Y are complementary goods , what will be the cross elasticity of demand?
What will be the effect of 10 percent rise in price of a good on its demand if price elasticity of demand is −1?
What will be the effect of 10 percent rise in price of a good on its demand if price elasticity of demand is −2?
