You are the new vice president in charge of advertising at Taco Bell. In your upcoming advertising campaign, you plan to degrade the fast food competitor whose product is the closest substitute for Taco Bell's tacos.
That would be the fast food chain whose cross elasticity of demand with your tacos is equal to A) negative 2.11.
B) negative 1.75.
C) positive 1.55.
D) positive 1.00.
Question 2
Real income is equal to ________ and a relative price is given by ________.
A) the dollar amount of income divided by the dollar price of a good; the dollar price of one good divided by the dollar price of the good whose relative price is being calculated
B) the dollar price of one good divided by the dollar price of the good whose relative price is being calculated; the dollar amount of income divided by the dollar price of a good
C) The dollar price of one good divided by the dollar price of another good; the dollar price of one good divided by the dollar price of the good whose relative price is being calculated
D) the dollar amount of income; real income divided by the dollar amount of income
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