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Microeconomics

13th Edition
Roger A. Arnold
ISBN: 9781337617406

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Microeconomics

13th Edition
Roger A. Arnold
ISBN: 9781337617406
Textbook Problem

If the exchange rate is 0.08 = 1MXN, what is the cost in dollars of a Mexican table priced at 500 pesos?

To determine

The cost in dollars of a Mexican good.

Explanation

The exchange rate 0.08 dollar is equal to 1 peso.  The value of 500 pesos in termed of dollar (EXD500) is calculated as follows.

EXD500=Value of dollar for 1�

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