Define the cross elasticity of demand and the income elasticity of demand, and explain the factors that
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Define the cross elasticity of demand and the income elasticity of demand, and explain the factors that influence them.
5.3 Key Terms Cross elasticity of demand Elastic demand Elastic supply Income elasticity of demand Inelastic demand Inelastic supply Perfectly elastic demand Perfectly elastic supply Perfectly inelastic demand Perfectly inelastic supply Price elasticity of demand Price elasticity of supply Total revenue Total revenue test Unit elastic demand Unit elastic supply MyEconLab Key Terms Quiz
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