Tacos and Pizza Are Substitutes

question 337

Multiple Choice

Tacos and pizza are substitutes.If a 2 percent change in the price of a taco leads to a 4 percent change in the demand for pizza,the cross elasticity of demand equals

• A) -1/2.
• B) 1/2.
• C) 2.
• D) -2.
• E) 4.

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Definitions:

Mean Number

Typically refers to the average value of a set of numbers, calculated by dividing the sum of all numbers by the count.

Registrants

Individuals who have officially signed up or registered for an event, program, service, or platform.

Standard Deviation

A measure of the amount of variation or dispersion of a set of values; a low standard deviation means the values tend to be close to the mean, while a high standard deviation means they are spread out over a wider range.

Delivery Times

The duration it takes for goods or services to be delivered from when an order is placed to when it is received by the customer.