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प्रश्न
If commodity X and Y are complementary goods , what will be the cross elasticity of demand?
उत्तर
If commodities X and Y are complementary items, the cross-elasticity of demand will be negative. This means that increasing the price of X would decrease the demand for Y, and vice versa.
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संबंधित प्रश्न
What is meant by price elasticity of demand?
Complete the following statement:
Price elasticity of demand on a linear demand curve at the Y-axis is equal to ________.
Give economic term:
Degree of responsiveness of quantity demanded to change in income only.
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 lead 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.
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.
Define the term price elasticity of demand.
Explain any three types of price elasticity of demand with the help of diagrams.
How is the price elasticity of demand of a commodity is affected by the number of its substitutes.
