The following equation is used to calculate the cross price elasticity of demand between two different products.

## Cross Price Elasticity Definition

Cross price elasticity, also known as cross price elasticity of demand, is a measure of how the price and demand of two different products affect each other.

For example, if a company offers two similar products, but one is cheaper than the other. It’s mostly likely outcome would be the decrease in sales of the more expensive option since they are similar products. The relationship between how those changes is considered the cross price elasticity.

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