The cross price elasticity of demand for a good x is the percentage change in the quantity demanded of good x in response to a given percentage change in

Suppose Ann can produce 8 units of a material good (M) or 4 units of a spiritual good (S) in a day, while Ben can produce only 3 Ms or 3 Ss in a day. Which statement below is true?

A) Ann is the most efficient producer of spiritual goods. B) Ann is the most efficient producer of material goods. C) Ben is the least efficient producer of spiritual goods. D) All of the above are true.

How does the idea of independent events help in explaining the gambler's fallacy in a roulette game?

What will be an ideal response?