Ch.4 Homework Assignment: Instructions: Answer the question(s) or solve the problem(s) below. Show your work if it involves calculation or graphing and submit it for grading as required. 1. If the absolute price of good X is $10 and the absolute price of good Y is $14, then what is ---------------------? (a) the relative price of good X in terms of good Y? (b) the relative price of good Y in terms of good X?

Ch.4 Homework Assignment: Instructions: Answer the question(s) or solve the problem(s) below. Show your work if it involves calculation or graphing and submit it for grading as required. 1. If the absolute price of good X is $10 and the absolute price of good Y is $14, then what is ---------------------? (a) the relative price of good X in terms of good Y? (b) the relative price of good Y in terms of good X?

Essentials of Economics (MindTap Course List)

8th Edition

ISBN:9781337091992

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter4: The Market Forces Of Supply And Demand

Section4.4: Supply And Demand Together

Problem 4QQ

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