Cross elasticity of demand can be mathematically expressed as the
ECONOMICS
JAMB 1994
Cross elasticity of demand can be mathematically expressed as the
- A. \(\frac{\text{% change in quantity of commodity X}}{\text{% change in quantity of commodity Y}}\)
- B. \(\frac{\text{% change in quantity demanded}}{\text{% change in price}}\)
- C. \(\frac{\text{% change in quantity demanded of commodity X}}{\text{% change in price of commodity Y}}\)
- D. \(\frac{\text{% change in quantity demanded}}{\text{% change in income}}\)
Correct Answer: C. \(\frac{\text{% change in quantity demanded of commodity X}}{\text{% change in price of commodity Y}}\)
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