Cross Elasticity of Demand | Cross Demand With Example | Class 11 Microeconomics | Ecoholics

What Is Cross Elasticity of Demand?
The cross elasticity of demand is an economic concept that measures the responsiveness in the quantity demanded of one good when the price for another good change.

The cross elasticity of demand for substitute goods is always positive because the demand for one good increases when the price for the substitute good increases. Alternatively, the cross elasticity of demand for complementary goods is negative

We determine whether goods are complements or substitutes based on cross price elasticity - if the cross price elasticity is positive the goods are substitutes, and if the cross price elasticity is negative the goods are complements

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