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Distinguish (with graphical illustration) between price elasticity of Demand and

cross elasticity of demand. How can you measure the elasticity of demand?Explain with example how the concept of elasticity of demand is useful for anindustry in its decision making process?

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Price elasticity demand refers to change in demand due to change in price of the commodity. Whereas Cross elasticity of demand change in quantity demanded due to change in price of other good
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Price Elasticity of Demand = Percentage change in the quantity demanded/ percentage change in the price. Cross elasticity of demand is responsible for measuring the actual change in the demand for one product because of the pricechange of another product.
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