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 Y?
A) -1.833
B) +0.545
C) +0.579
D) +1.833
C
You might also like to view...
In the above table, the production of 3 pizzas and 80 cases of soda is
A) impossible unless more resources become available or technology improves. B) feasible but would involve unemployed or misallocated resources. C) possible only if the economy produces with maximum efficiency. D) possible only if there is inflation.
In recent years, each 1 percent drop in output is associated with the loss of more than
a. five million jobs b. one million jobs c. half a million jobs d. two hundred thousand jobs e. one hundred thousand jobs
If a country is experiencing chronic deficits on current account, what must ultimately happen to its exchange rate?
a. it must appreciate b. it must depreciate c. the market will shift it from floating to fixed d. the market will shift it from fixed to floating e. it will become equalized, that is, the same rate as in other countries
Most of the LDCs are:
A. located primarily in Northern Europe. B. located primarily in Western Europe. C. located primarily in Africa. D. more or less evenly distributed over the various continents.