AP Economics Cross-Price Elasticity
{"Image DocumentName": "AP Economics Cross-Price Elasticity", "Image ImageDescription": "Cross Price Elasticity of Demand. If EQX,PY > 0, then X and Y are gross substitutes because as the price of good Y increases, the demand for good X increases. This can happen from either of two effects. Good X substitutes for Good Y. For example, as the price of Y = apples increases, the demand for X = oranges increases because consumers substitute oranges for apples. Good X is needed because it is affordable. For example, as the price of Y = College education increases, freshmen students must economize and consume more affordable goods, like X = Ramen Noodles. Since there are two effects, their sum is called the gross effect. AP Economics Cross-Price Elasticity.", "Image XResolution": "37", "Image YResolution": "37", "Image ResolutionUnit": "Pixels/Centimeter", "Image Software": "SlidePlayer", "Image YCbCrPositioning": "Centered"}