The cross-price elasticity of demand between Coca-Cola and Pepsi-Cola is calculated by dividing
A) the percentage change in the price of Coca-Cola by the percentage change in the price of Pepsi-Cola.
B) the percentage change in quantity demanded of Coca-Cola by the percentage change in the quantity demanded of Pepsi-Cola.
C) the percentage change in the quantity demanded of Coca-Cola by the percentage change in the price of Pepsi-Cola.
D) the percentage change in the price of Pepsi-Cola by the percentage change in quantity demanded of Coca-Cola.
Question 2
Refer to Table 9-9. Fill in the following table with the opportunity costs of producing light bulbs and flash drives for Mexico and Canada.
Light Bulbs Flash Drives
Mexico
Canada