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Economics (AS & A Level) · Feb / March 2022 · Paper 12 · Question 8

9708Price elasticity, income elasticity and cross elasticity of demand

What is the measure of cross-elasticity of demand for good X in terms of good Y?

  1. Athe change in the demand for X divided by the change in the price of Y
  2. Bthe change in the price of X divided by the change in the demand for Y
  3. Cthe percentage change in the demand for X divided by the percentage change in the price of Y
  4. Dthe percentage change in the demand for Y divided by the percentage change in the price of X

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Correct answer: C. the percentage change in the demand for X divided by the percentage change in the price of Y

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