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#cfa #cfa-level-1 #economics #microeconomics #reading-13-demand-and-supply-analysis-introduction #study-session-4
any variable on the right-hand side of the demand function can serve as the basis for its own elasticity.
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4.4. Cross-price Elasticity of Demand: Substitutes and Complements
It should be clear by now that any variable on the right-hand side of the demand function can serve as the basis for its own elasticity. Recall that the price of another good might very well have an impact on the demand for a good or service, so we should be able to define an elasticity with respect to the other price, a


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