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Lecture

ECON103 Lecture #6.docx

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Department
Economics
Course Code
ECON 103
Professor
Iryna Dudnyk

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Lecture #6 Cross-Price Elasticity E.subscript(Quantity of good 1)(Price of good 2) E(1)(2) =(change in Quantity of good 1 %)/( change in price of good 2 %) =((change in Quantity of good 1)/( change in price of good 2))x(Price of good 2/quantity of good 1) By how many % Quantity demanded of good one will change when price of the other good, Price of good 2, changes by 1%. Keeping M and own price of good 1 constant !!!! When we calculate elasticity -only change 1 thing at a time
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