If the Cross Price Elasticity of Demand for Tacos with Respect

question 59

Multiple Choice

If the cross price elasticity of demand for tacos with respect to burritos equals +2.5, then:

• A)​a 1% increase in the quantity of burritos purchased will lead to a 2.5% increase in the price of a taco.
• B)​a 10% increase in the price of a burrito will lead to a 25% increase in the quantity of tacos demanded at a given price.
• C)​a 1% decrease in the price of a burrito will lead to a 2.5% increase in the quantity of tacos demanded at a given price.
• D)​a 1% increase in the quantity of tacos purchased will lead to a 2.5% increase in the price of a burrito.

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