The cross-price elasticity of demand between Coca-Cola and Pepsi-Cola is calculated by dividing
A) the percentage change in the price of Coca-Cola by the percentage change in the price of Pepsi-Cola.
B) the percentage change in quantity demanded of Coca-Cola by the percentage change in the quantity demanded of Pepsi-Cola.
C) the percentage change in the quantity demanded of Coca-Cola by the percentage change in the price of Pepsi-Cola.
D) the percentage change in the price of Pepsi-Cola by the percentage change in quantity demanded of Coca-Cola.
C
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Trend refers to
A) increases but not decreases of a variable. B) the difference between the maximum value of the variable and the minimum value of the variable. C) a general tendency for a variable to rise or fall. D) the scale used on the x- and y-axes. E) decreases but not increases of a variable.
Progressive Insurance's 'Tripsense' monitors driving patterns of the people who purchase the related insurance policy. This lowers insurance costs because
a. only less reckless drivers will accept the device b. only more reckless drivers will accept the device c. drivers will believe they can now drive more recklessly d. it does not affect care in driving