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Is the Coeffecient of Cross Elasticity an Appropriate Measure for the Closeness of Substitutes?

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  • Klaus Stegemann

    (Queen's University)

Abstract

Authors of price theory texts usually state that the coeffecient of (price) cross elasticity of demand is a measure for the "closeness" of substitutes or complement: for the closeness of substitutes when the sign of the cross elasticity between the two commodities is positive, and for the closeness of compliments when the sign is negative. The main point the author wants to discuss is largely symmetrical for compliments and substitutes and it is more relevant for the latter. He will therefore develop his argument in terms of substitutes.

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File URL: http://qed.econ.queensu.ca/working_papers/papers/qed_wp_36.pdf
File Function: First version 1971
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Bibliographic Info

Paper provided by Queen's University, Department of Economics in its series Working Papers with number 36.

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Length: 44 pages
Date of creation: Jan 1971
Date of revision:
Handle: RePEc:qed:wpaper:36

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