Cross Price Elasticity of Demand (Grade 11 NSC Matric Economics): Flashcards

How demand for 1 good responds to price change in another good

$\frac{\text{\% chg qty A}}{\text{\% chg price B}}$

Complements (products used together)

Substitutes (products that replace each other)

Products typically used together

Products that can replace each other

$-2$

Coca-Cola and Pepsi

Shifts right (increases)

Shifts right (increases)