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Pete feeds his dog 100 percent more pup-peronis when zuke's treats increase in price by 50 percent. for Pete, pup-peronis and zuke's are Substitutes and the cross-price elasticity of demand is 2
The price elasticity of demand is the response of the quantity demanded to alternate inside the charge of a commodity. it's miles assumed that the client's income, tastes, and costs of all unique items are constant. it's far measured as a percent change in the quantity demanded divided by the resource of the percentage change in price.
At the idea of various factors affecting the amount demanded a product, the elasticity of demand is categorized into mainly three categories: price Elasticity of Demand for (PED), bypass Elasticity of demand (XED), and income Elasticity of Demand for (YED).
An instance of products with an elastic demand is patron durables. the ones are objects which might be bought from time to time, like a showering machine or a vehicle, and may be postponed if the fee rises. for instance, car rebates have been very an achievement in increasing vehicle income by lowering prices.
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