Changes

12.  Suppose french fries cost $1 and ketchup 10 cents.  When the price of ketchup goes up to 20 cents, the quantity demanded for french fries falls by 10%.  What is the cross elasticity of demand for french fries with respect to ketchup?  Show your work and make any assumptions you feel are necessary.

12.  Suppose french fries cost $1 and ketchup 10 cents.  When the price of ketchup goes up to 20 cents, the quantity demanded for french fries falls by 10%.  What is the cross elasticity of demand for french fries with respect to ketchup?  Show your work and make any assumptions you feel are necessary.

== Extra Credit for Anyone ==

=== Extra Credit for Anyone ===

"Wiki" software and the internet enable collaborative online efforts to build encyclopedias, such as Conservapedia.com and Wikipedia.com.  Should a collaborative, internet-based effort by the public to produce a new English translation of the Bible be encouraged, discouraged, or made illegal?  You might use some economic principles in answering.

"Wiki" software and the internet enable collaborative online efforts to build encyclopedias, such as Conservapedia.com and Wikipedia.com.  Should a collaborative, internet-based effort by the public to produce a new English translation of the Bible be encouraged, discouraged, or made illegal?  You might use some economic principles in answering.