Cross elasticity of demand

In economics, the cross elasticity of demand or cross-price elasticity of demand measures the percentage change of the quantity demanded for a good to the percentage change in the price of another good, ceteris paribus. In real life, the quantity demanded of good is dependent on not only its own price (Price elasticity of demand) but also the price of other "related" products. The concept is used to identify the relationship between two goods, they can be: * Complements * Substitutes * Unrelated

Cross elasticity of demand

In economics, the cross elasticity of demand or cross-price elasticity of demand measures the percentage change of the quantity demanded for a good to the percentage change in the price of another good, ceteris paribus. In real life, the quantity demanded of good is dependent on not only its own price (Price elasticity of demand) but also the price of other "related" products. The concept is used to identify the relationship between two goods, they can be: * Complements * Substitutes * Unrelated