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What Is Cross Elasticity? - Definition & Formula

Instructions:

Choose an answer and hit 'next'. You will receive your score and answers at the end.

question 1 of 3

Cross elasticity is used to determine an increase in quantity ___.

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1. What is cross elasticity??

2. To figure out cross elasticity, you need to divide the % change in quantity demanded of good B by what?

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About This Quiz & Worksheet

This quiz/worksheet will challenge you with various questions on the uses of cross elasticity and its definition and calculation.

Quiz & Worksheet Goals

These practices will target subjects like:

  • Why cross elasticity is measured
  • Cross elasticity's definition
  • How cross elasticity is calculated
  • Possible outcomes of cross elasticity

Skills Practiced

  • Knowledge application - use your knowledge to answer questions about elements of cross elasticity
  • Distinguishing differences - compare and contrast topics from the lesson, such as negative and positive outcomes of cross elasticity
  • Interpreting information - verify that you can read information regarding cross elasticity's calculation and interpret it correctly

Additional Learning

You'll be able to learn even more on cross elasticity by reviewing our lesson What Is Cross Elasticity? - Definition & Formula. Content of this lesson will include the following:

  • Necessity of cross elasticity
  • Cross elasticity's formula
  • Inferences from cross elasticity
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