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Mnemonic Monday - Party Season Nearly Christmas!

Monday, November 07, 2011
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It seems that Christmas festivities start earlier and earlier each year, so this mnemonic is rather fitting at the beginning of November.
This is a great one for remembering cross price elasticity.

Positive
Substitutes
Negative
Complements

This is a great quick way of remember if the figure you get from the cross price elasticity of demand calculation is positive the goods are substitutes. If the figure is negative then they are complements.


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