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Importance of Cross Elasticity
Knowledge of cross elasticity is necessary when the government wants to impose a tariff on an imported commodity to protect a domestic industry.
Firms need to know the cross elasticity of their products and substitute products when contemplating price rises.
Firms also need to know the cross elasticity of the products and complements to plan their production.
Strategic Reasons For political or strategic reasons, a country may not wish to be dependent upon imports and so may protect a home industry even if it is inefficient. Many co
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theories of revenue generation
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Legal Sanction: A monopoly as stated above may be the result of a government sanction. The government of a country may legally permit a private monopoly or monopoly in the public s
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