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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.
Cross-elasticity is the measure of responsiveness of demand for a commodity to the changes in price of its substitutes and complementary goods. For example, cross-elasticity of dem
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