The coca-cola company, in considering whether to lower the price of sprite, would be interested in knowing the value of the ______ elasticity of demand between sprite and coke.

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28-07-2022
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The coca-cola company, in considering whether to lower the price of sprite, would be interested in knowing the value of the ______ elasticity of demand between sprite and coke.

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Tutorconsortium361 Tutorconsortium361 · Answer 1 · 2022-08-08T04:24:38+02:00

The coca-cola company, in considering whether to lower the price of sprite, would be interested in knowing the value of the cross Price elasticity of demand between sprite and coke.

What is cross Price elasticity?

The cross elasticity of demand, also known as the cross-price elasticity of demand, is a measure in economics that compares the percentage change in the quantity desired for one commodity to the percentage change in the price of another good, everything else being equal.

The percentage change in the quantity requested of a particular product due to a percentage change in the price of another "related" product is referred to as cross price elasticity of demand.

A positive cross elasticity of demand indicates that when the price of good B rises, so will the demand for good A. This signifies that items A and B are suitable alternatives. As a result, if B becomes more expensive, consumers will gladly switch to A. As an example, consider the price of milk.

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