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Cross Elasticity of Demand (involves two goods)
Cross Elasticity of Demand formula: EC= Q2 - Q1/ (Q2 + Q1)/2 divided by P2 - P1/ (P2 + P1)/2 (remember that cross elasticity measures how a price change in one good effects demand for another good)
Solve the following problem: The price of the Toyota Camry rose from $25,000 to $30,000 each, and sales of the Honda Accord rose from 2 million to 3 million units. Provide your answer, and indicate if your number showed elasticity, unitary elasticity, or was inelastic.
This document contains various important questions and their appropriate answers in the subject field of Economics.
Economics is the study of the principles governing the allocation of scarce means among competing ends when the objective of the allocation is to maximize the attainment of the ends.
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