demand and supply, Microeconomics

Assignment Help:
Define the term “cross elasticity of demand”
(2 marks)
Price of commodity X (SH) Demand for commodity X (Units)
12 80
16 100
20 120
24 140
28 160
d) The following data relate to a consumer in a certain market:
Required: Calculate the cross elasticity of demand of commodity Y with each of the
changes in price of commodity X. comment on the relationship the two commodities.
(2 marks)
(20 marks)

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