We would expect the cross elasticity of demand between dress shirts and ties to be?

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22-07-2022
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We would expect the cross elasticity of demand between dress shirts and ties to be?

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rafikiedu01 rafikiedu01 · Answer 1 · 2022-07-31T17:57:29+02:00

Dress shirts and ties are complementary goods and we know that complementary goods have a negative cross-price elasticity of demand which means an increase in the price of dress shirts will decrease the demand for ties (negative cross-price elasticity of demand)

Elasticity is the ability of a deformed body of material to return to its original shape and size when the force causing the deformation is removed. Bodies with this ability are said to behave (or react) elastically.

Consumer durables are an example of demand elastic products. Things you rarely buy, like a washing machine or a car, that you can move when the price goes up. For example, car discounts have been very successful in increasing car sales through price reductions.

Learn more about elasticity here

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