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Reference no: EM132263287

Please select the correct answer and explain why thats the correct answer. (For the second one if you can also show the work please so I may understand better) Please & Thank you.

In Clark County, Nevada, gasoline is considered to have a very elastic price elasticity of demand.

A. True

B. False

When the price of a taco falls by 10%, the quantity of pizza demanded decreases by 5%. The cross elasticity of demand for pizza with respect to the price of a taco is

A. 2.0

B. -2.0

C. 0.50

D. -0.50 

E. cannot be determined with the given information.

To determine the utility maximizing consumption of two products one uses the formula that is called the rule for maximizing utility:

A. P1/P2=MU1/MU2 which also is stated as MU1/PU1=MU2/P2..

B. Explains the Diamond-Water Paradox. 

C. Calculates the utility maximizing consumption of the two goods. 

D. All of the above are correct.

E. None of the above are correct.

Reference no: EM132263287

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