The absolute prices of goods X, Y, and Z, respectively, are $23, $42, & $56. (a) What is the relative price of X in terms of Y? (b) What is the relative price of Y in terms of Z? (c) What is the relative price of Z in terms of X?

The absolute prices of goods X, Y, and Z, respectively, are $23, $42, & $56. (a) What is the relative price of X in terms of Y? (b) What is the relative price of Y in terms of Z? (c) What is the relative price of Z in terms of X?

Microeconomics

13th Edition

ISBN:9781337617406

Author:Roger A. Arnold

Publisher:Roger A. Arnold

Chapter4: Prices: Free, Controlled, And Relative

Section: Chapter Questions

Problem 5WNG

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The absolute prices of goods X, Y, and Z, respectively, are $23, $42, & $56.
(a) What is the relative price of X in terms of Y?
(b) What is the relative price of Y in terms of Z?
(c) What is the relative price of Z in terms of X?

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