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Mice21 [21]
3 years ago
9

The cross-price elasticity of demand between American Eagle and Hollister is 2.0. What does

Social Studies
1 answer:
brilliants [131]3 years ago
8 0

Answer:

Suggests that these are substitute goods

Explanation:

Demand cross elasticity measures the percentage change in the quantity demanded of a good given a percentage change in the price of another substitute good. Thus, the calculation of elasticity being 2, suggests that a percentage increase in the price of one store will increase the demand for products of the other store. In other words, a 1% increase in the price of one store will cause consumers to buy two units in the other store, replacing the store product whose price has increased.

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The basic principle associated with the economics is that the goods, products, and services are limited and demand increases considerably to produce them. The resources used for the production also increases considerably. The scarcity principle of economics deals with the limited supply of the goods that is coupled with the increase in demand this results in the mismatch between the demand equilibrium and desired supply.

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Think beyond What were the reasons for the decline of the Mughals?
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Explanation:

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