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The cross elasticity is an economic concept which weighs the receptiveness in the demanded quantity of a good at a time when the cost for another good alters. Also known as cross-price elasticity, this measurement is accomplished by taking into consideration the demanded quantities percentage change. If you are one of those students who are facing difficult times in completing cross elasticity assignment and when you require assistance for completing assignments, then you can easily get in touch with the experienced writers of BookMyEssay for getting an unmatched Cross Elasticity assignment help.

What is Meant by the Cross-Elasticity of Demand?

The cross-elasticity of demand is measured in the form of a change of percentage in quantity necessitated for the initial good which happens according to the percentage alteration in the price of the subsequent good. When the behavior of consumption tends to be related, then the alteration in the related goods’ price leads to an alteration in another good’s demand. And related goods are a couple of kinds; complementary goods and substitute goods.

When these two goods become substituted for each other, such as coffee and tea, then the cross-price elasticity becomes positive. This means, with the increase in the price of coffee, people will witness an increase in demand for tea too. On the contrary, when the goods tend to be complementary, such as ink and pen, then you can expect cross elasticity to be negative. By this, it is meant, there will be a decrease in the demand for ink when there is an increase in the prices of pen or vice-versa.

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Explaining the Concept of Cross-Elasticity of Demand for Substitute Goods

The cross-price elasticity of demand meant for substitute goods tends to be always affirmative as the demand for a good increases with the increasing cost of the substitute good. For instance, when the cost of coffee increases, then the quantity which is demanded for tea increases because consumers shift their attention to a less expensive but substitute alternative.

This becomes apparent in the formula of cross-price elasticity of demand because both the denominator, which is the cost of coffee and the numerator, which is the change in percentage of demand for tea reflects positive increases. Items that have a coefficient of 0 become unrelated products and become goods that are unrelated to each other. Some items might turn out to be weak substitutes and there, the two items possess a low but positive cross-price elasticity of demand.

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Cross-elasticity of Demand for Complementary Goods

The cross-elasticity of demand meant for complementary goods turns negative. When the cost for an item increases, then an item which is closely related to that item plus important for its consumption becomes low as the main good’s demand has become low too.

For instance, when the cost of coffee becomes high, then the quantity which people demand for coffee stirring sticks drops because consumers drink less coffee and so, they buy fewer sticks. In this formula, the denominator, which is the cost of coffee and numerator which is the demanded quantity of stir sticks becomes positive and it results in negative cross-elasticity. If you are searching online assistance for you queries, "can someone do my assignment for me on Cross-elasticity," related topics, then you contact our experts and get support from them.

Benefits of Cross-Elasticity of Demand

  • Arrangement of goods – Goods get classed into complementary and substitute and when the cross-elasticity of demand between a couple of goods become positive, then the goods might be viewed as a substitute for one another.
  • Organization of market – The structure of the market has been classed on cross-elasticity of demand and when it is infinite, then the market too becomes competitive.
  • Pricing strategy – The huge firms produce various related goods and cross-elasticity of demand hugely helps firms to choose whether or not to augment the cost of related products.

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