(00:00 - 00:10) Intro(00:11 - 01:32) Substitutes and Complements(01:33 - 02:00) Cross-Price Elasticity Formula(02:01 - 02:24) Applying Cross-Price Elasticity(02:25 - 04:32) Cross-Price Elasticity Example(04:33 - 04:58) Review
A good for which the demand increases as the price of an associated good decreases.
Change of demand that occurs due to change in price of substitutes or complements.
As the price of one good increases, the demand for an alternative good meeting the same consumer needs increases.