Author Question: Based on the following pieces of information, which fast food product do consumers see as the ... (Read 157 times)

sammy · **on:** Jun 29, 2018

Based on the following pieces of information, which fast food product do consumers see as the closest substitute for Wendy's Hamburgers?

A) Kentucky Fried Chicken, which has a cross elasticity of 1.70 with Wendy's
B) McDonald's hamburgers, which have a cross elasticity of 1.01 with Wendy's
C) Pizza Hut pizza, which has a cross elasticity of zero with Wendy's
D) Taco Bell tacos, which have a cross elasticity of -1.25 with Wendy's

Question 2

In the above table, what is marginal product of labor for the 2nd worker?

A) 20
B) 8
C) 10
D) 12