if customers buy a quantity of seven products per week, regardless of the price, the numeric value of the price elasticity of demand for the product is

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30-11-2022
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if customers buy a quantity of seven products per week, regardless of the price, the numeric value of the price elasticity of demand for the product is

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contexto1019 contexto1019 · Answer 1 · 2022-12-03T07:51:32+01:00

if customers buy a quantity of seven products per week, regardless of the price, the numeric value of the price elasticity of demand for the product is Cross-price elasticity.

What is Cross-price elasticity?

The cross elasticity of demand, also known as the cross-price elasticity of demand, in economics quantifies the relationship between the percentage change in the quantity of a commodity sought and the percentage change in the price of another good, ceteris paribus. The percentage change in a given product's quantity demanded as a result of a percentage change in the price of a "related" product is known as cross price elasticity of demand.

Cross price elasticity (XED) is calculated as follows: (% change in product A demand) / (% change in product B price) This implies that the products A and B can be substituted for one another because it is a positive value larger than zero.

To know more about cross elasticity, refer;

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