Refer to the above table. Suppose the price of X increases from $10 to $12. What is the cross price elasticity of demand between X and Z?
A) +0.292
B) +7.06
C) -7.06
D) -0.292
A
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On the benefit side of the analysis, briefly describe two distinct benefits to society that are relevant to a risk-benefit analysis of pesticides.
Suppose you are part of an economic analysis team charged with recommending a policy response to pesticide risks. Your team decides to use risk-benefit analysis as its risk management strategy.
Jane is willing to pay $50 for a pair of shoes. The actual price of the shoes is $30. Her consumer surplus on this pair of shoes is
A) $20. B) $50. C) $30. D) $80.
Which of the following is an argument in favor of the liberalization?
(a) Increased technical efficiency. (b) Accelerated technical progress. (c) Decreased shortages of foreign exchange. (d) All of the above. (e) both (a) and (b) are correct.
If company X is successfully outsourcing its production of T-shirts to China, it is
a. Creating wealth by moving labor in China from lower value use to higher value use b. Should be stopped on economic grounds since it is destroying wealth c. Destroying wealth by acquiring cheaper labor from China d. Both A & C