The world is governed by the rule of supply and demand. The two could either share a directly proportional relationship (employment and skilled labor) or an indirectly proportional rule (fuel prices and fuel inefficient cars). It plays a huge role in Economics. An important aspect of Supply and Demand is Cross-price Elasticity of Demand, or Cross Elasticity of Demand. It is an economic concept that concerns to the demanded quantity of one good with a change in price of another good.
What is Cross-price Elasticity of Demand?
This measures the percentage change in the amount that is demanded for one good that ensues in reply to a percentage change in the value of another good. It could be positive for one and negative for another goods. A Cross-price Elasticity of Demand helps the companies to quote their prices of goods and services by looking into the market trends, thereby generating maximum profits.
Segregation of goods and services based on Cross-price Elasticity of Demand:
A Cross-price Elasticity of Demand is responsible for separating the goods and service into two broad categories: Substitutes and Complements. A positive value of this indicates that the two products are substitute of each other, coffee and tea.
How to calculate Cross-price Elasticity of Demand?
Consider the quantity demand of tea increases by 10% with a 5% decrease in the price of milk, the cross-price elasticity of demand would be 10%/5%= 2. This depicts that for every dip of $1 in milk, the demand of tea increases by 2.
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