The cross price elasticity of demand measures how the demand for one good responds to price changes for another good.

You must calculate your price elasticity within the context of the marketplace. For example, the greater the number of substitute products available, the greater the elasticity will be.

Learn how income elasticity affects demand with our guide on definitions, formulas, and types, helping you understand ...

So, to calculate the price elasticity you need to figure out how much of a change (expressed in percentage terms) in what you sell results from a given change in price (also expressed in percentage ...