Module 5 Assignment

Respond to the question prompt below:

Define cross-price elasticity of demand and discuss within the context of complementary goods and substitute goods.

Instructions

Respond to the question prompt by submitting your typed response in no more than a one-page double spaced document in 12 pt, Times New Roman. Your  response should be submitted by the deadline. This response will be graded with the writing rubric. (instructional faculty should edit this section to fit the desired expectation)

SLOS

This assignment addresses the following outcomes (and potential outcomes based on responses):

• Course SLO1: Identify the basic economic principles that serve as the foundation of economic analysis
• Course SLO 2: Understand the interaction of supply and demand in determining prices and the role of prices in coordinating economic activity
• Module SLO 9: Calculate the income elasticity of demand and the cross-price elasticity of demand