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Furthermore, cross elasticity of demand (XED) measures the percentage change in quantity demand for a good after a change in the price of another. For example if there is an increase in the price of tea by 10. and the quantity demanded for coffee increases by 2, then the cross elasticity of demand 210 0.2. This aspect of Cross Elasticity Of Demand Xed Learn Economics plays a vital role in practical applications.
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Furthermore, cross elasticity of demand (XED) measures the percentage change in quantity demand for a good after a change in the price of another. For example if there is an increase in the price of tea by 10. and the quantity demanded for coffee increases by 2, then the cross elasticity of demand 210 0.2. This aspect of Cross Elasticity Of Demand Xed Learn Economics plays a vital role in practical applications.
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Furthermore, learn all about elasticities for A Level Economics. This revision note covers price, income, and cross (XED) elasticity of demand with calculations and examples. This aspect of Cross Elasticity Of Demand Xed Learn Economics plays a vital role in practical applications.
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