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Cross price elasticity of demand measures the responsiveness of the quantity demanded of one good when the price of another related good changes. It is an important concept in managerial economics as it helps managers understand the interrelationship between products and make informed pricing, production, and marketing decisions. Mathematically, it is expressed as the percentage change in the quantity demanded of good X divided by the percentage change in the ______ ________ ____ _________ _______ _______.
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