Explain any three of the followings: i. Cross elasticity of Dem

Question

Explain any three of the followings:
i. Cross elasticity of Demand
ii. Marginal efficiency of capital
iii. Implicit costs
iv. Hyper inflation
v. Permanent Income

11 Sep 2024

Answer :

Word Count : 615

i. Cross Elasticity of Demand

Cross elasticity of demand measures the responsiveness of the quantity demanded of one good to a change in the price of another good. It is calculated as the percentage change in the quantity demanded of Good A divided by the percentage change in the price of Good B. If the cross elasticity is positive, the goods are considered substitutes, meaning that an increase in the price of Good B leads to an increase in the quantity demanded of Good A. Conversely, if the cross elasticity is negative, the goods are complements, meaning that an increase in the price of Good B leads to a decrease in the quantity demanded of Good A. Understanding cross elasticity helps businesses and policymakers analyze how changes in market conditions affect related goods.

ii. Marginal Efficiency of Capital

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