Use the Table Below to Answer the Following Questions

question 120

Multiple Choice

Use the table below to answer the following questions.
Windsurfing equipment rents for $10 per hour and snorkeling equipment rents for $5 per hour.
Table 8.2.1

-Consider Devon's total utility from snorkeling and windsurfing in Table 8.2.1. Suppose Devon's total income is $35. If the price of windsurfing rises to $20 per hour, what is Devon's cross elasticity of demand of snorkeling with respect to the price of windsurfing?

• A)1.0
• B)0.67
• C)1.5
• D)10
• E)1.33

---

Definitions:

Fee Simple

The highest level of property ownership where the owner has unrestricted rights to the property, capable of being inherited by legal heirs.

Reversionary Interest

The right of the original owner to retake possession of property upon the death of the life tenant.

Upkeep

The maintenance or preservation of condition, requiring ongoing care, repair, or support to ensure proper functioning or appearance.

Equity of Redemption

The right of a mortgagor to reclaim property in the process of foreclosure by paying the debt owed.