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This is a preview. Log in through your library. Journal Information The International Economic Review was established in 1960 by two of the most active and acclaimed scholars in the economics profession: Michio Morishima, who was then at Osaka University's Institute of Social Economic Research (ISER), and Lawrence R. Klein, who was then at the University of Pennsylvania's Wharton School and Department of Economics. The goal was to provide a forum for modern quantitative economics. From its inception, the journal has tried to stimulate economic analysis by publishing cutting-edge research in many areas, including econometrics, macroeconomics, theory, and applied economics. The International Economic Review initiates the use of this electronic medium as a continuation of our mission to promote and disseminate economic research. The IER is now run as a non-profit joint academic venture between Osaka University's Institute of Social and Economic Research and the University of Pennsylvania's Department of Economics. IER Website: http://www.econ.upenn.edu/ier Contact: Michele Souli JSTOR provides a digital archive of the print version of International Economic Review. The electronic version of International Economic Review is available at http://www.interscience.wiley.com. Authorized users may be able to access the full text articles at this site. Publisher Information Wiley is a global provider of content and content-enabled workflow solutions in areas of scientific, technical, medical, and scholarly research; professional development; and education. Our core businesses produce scientific, technical, medical, and scholarly journals, reference works, books, database services, and advertising; professional books, subscription products, certification and training services and online applications; and education content and services including integrated online teaching and learning resources for undergraduate and graduate students and lifelong learners. Founded in 1807, John Wiley & Sons, Inc. has been a valued source of information and understanding for more than 200 years, helping people around the world meet their needs and fulfill their aspirations. Wiley has published the works of more than 450 Nobel laureates in all categories: Literature, Economics, Physiology or Medicine, Physics, Chemistry, and Peace. Wiley has partnerships with many of the world’s leading societies and publishes over 1,500 peer-reviewed journals and 1,500+ new books annually in print and online, as well as databases, major reference works and laboratory protocols in STMS subjects. With a growing open access offering, Wiley is committed to the widest possible dissemination of and access to the content we publish and supports all sustainable models of access. Our online platform, Wiley Online Library (wileyonlinelibrary.com) is one of the world’s most extensive multidisciplinary collections of online resources, covering life, health, social and physical sciences, and humanities. When the change in price of one commodity affects the demand for another commodity it is called?Cross price effect. When the demand for a commodity depends on the effect of a change in price of a related commodity, it is called cross price effect. Here the goods are said to be related and the demand for one changes in response to change in price of the other.
When the price of one commodity decreases the demand for another increases?“The Law of Demand states other things being equal, the quantity demanded of a commodity increases when its price falls and decreases when its price rises.
When the price of a commodity change it results in a change in the consumer?When the price of a good changes, the price of that good relative to the price of other goods also changes. Relative price changes cause consumers to substitute from one good to another—this is known as the substitution effect.
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When the price of one commodity changes the demand for the other commodity is?
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