Comparing Price And Cross Price Elasticity

Price elasticity of demand measures the responsiveness of the quantity demanded of a good to a change in its own price, whereas cross-price elasticity of demand measures the responsiveness of the quantity demanded of a good to a change in the price of another good.

Price elasticity of demand measures the responsiveness of the quantity demanded of a good to a change in the price of another good, whereas cross-price elasticity of demand measures the responsiveness of the quantity demanded to a change in the good's own price.

Price elasticity of demand depends on the number of new customers, whereas cross-price elasticity of demand depends on the number of existing customers.

Price elasticity of demand depends on the number of existing customers, whereas cross-price elasticity of demand depends on the number of new customers.