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When cross elasticity of demand is infinite, it indicates that a small change in the price of one good leads to an infinite change in the quantity demanded of another good. This typically applies to perfect substitutes, where consumers are willing to switch entirely from one product to another in response to even the slightest price difference. In practical terms, it suggests that the two goods are so closely related that they can be considered interchangeable by consumers.
What else can I help you with?
What does double infinity mean?
ddd
What is biggest multiple of 4?
It is infinity, but I think you mean factor, which would be 4. But for this question, it is infinity.
What is the proof for 1 by 0 is infinity?
If you mean 1 x 0, that's 0, not infinity.
What does a sideways 8 mean?
That is the symbol for infinity
What does your calculator mean when it displays a sideways 8?
infinity
What will be the shape of an isoquant when the elasticity of substitution is infinity?
when the elasticity of substitution is infinity the isoquant will be a straight line sloping downward towards right.
Would the concepts of cross elasticity of cross elasticity of demand and income elasticity of demand be of any interest to a pharmaceutical company?
I am at a loss for the answer please help me.
Cross elasticity of demand?
In economics , the cross elasticity of demand and cross price elasticity of demand measures the responsiveness of the quantity demand of a good to a change in the price of another good.
Uses of cross elasticity of demand?
Cross elasticity in economics, also referred to as cross-price elasticity is used to measure the changes of the demand of a certain commodity to the price changes of another good.
In economics what are the types of elasticity?
price elasticity income elasticity cross elasticity promotional elasticity
What are the 2 extreme situations of price elasticity of demand?
The two extreme ranges of price elasticity of demand are Zero and Infinity.
What are the 3 types of elasticity?
1)price elasticity of demand 2)income elasticity of demand 3)cross elasticity of demand
When cross elasticity is zero what does it mean?
they're unrelated goods ie. track pants and potato chips
What is cross price elasticity?
Cross price elasticity of demand measures the responsivenss of demand for a product to a change in the price of another good.
Give an example where there is perfectly elastic demand i.e elasticity infinity?
life
What is cross price elasticity demand?
Cross price elasticity of demand measures the responsivenss of demand for a product to a change in the price of another good.
What are different types of elasticity?
The elasticity of demand refers to how sensitive the demand for a good is to changes in other economic variables. The different types are: price elasticity, income elasticity, cross elasticity and advertisement elasticity.
