Question: 1 The rm that you work for has calculated the cross elasticity between your product [if] and product I to be 1.5. If rm 2

1 The rm that you work for has calculated the cross elasticity between your product [if] and product I to be 1.5. If rm 2 increases their price by 10%, you can expect your sales to increase by 1596. True or false 3. Bob's marginal rate of substitution is 41" for lit at his current level of consumption. The price of 'I" is $111], and the price of X is 52. Therefore, Bob should purchase more 'I" and less it. True or false

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