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5. When the price of tacos went from $2 to $3 dollars each, the quantity demanded of burritos changed from 100 to 120 a day. The cross-price elasticity of demand for burritos calculated using the initial value method is: A) 1.33. B) 0.75. C) 0.4. D) -0.75.
6. Good X and good Y are substitutes if the: 7. Chris buys more new jewelry when her income rises. This means that, for Chris: 8. Which of the following products has the most elastic demand? 9. At Tony's Restaurant, the quantity of large pizzas sold is 200 at the unit price $15. Suppose the price elasticity of demand for pizzas by the initial value method is 1.5, and you would like to increase the quantity sold to 250. Then the new price must be: A) $13. B) $12.50.