Hey,
Hope revision is going well
You may only ignore the sign for the PED (which is always minus, so some people just ignore it), and the PES, since that's always positive. There may be some cases where the examiners play with the signs here, so be careful to state anything out of the ordinary.
The sign plays an important role for both the XED and YED values.
XED:-
Positive = the two products are
substitutes. The higher the positive value, the closer the substitutes are. Substitutes, by the way, are products where the consumer chooses one of the two (ie xbox and playstation).
-
Negative = the two products are
complements. The higher the negative value, the closer the complements are. Complements are products used together (ie cars and fuel).
YED:-
Positive = the product is a
normal good. This means that as the consumers' income increases, the quantity demanded of that product will increase as well (that's almost always applicable for luxury goods, such as brand fragrances etc).
-
Negative = the product is an
inferior good. This means that as the consumers' income increases, the quantity demanded will fall, as people will now be able to buy normal goods and won't have to settle for goods of lower quality. One example is probably clothing -when people don't have much money to spare, they'll probably buy cheap non-designer clothing. If they do have lots of money, they'll probably go for brands like Prada, D&G etc.