Microeconomics
13th Edition
ISBN: 9781337617406
Author: Roger A. Arnold
Publisher: Cengage Learning
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Question
Chapter 4.3, Problem 1ST
To determine
The relative price.
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If the absolute price of good X is $10 and the absolute priceof good Y is $14, then what is (a) the relative price of goodX in terms of good Y and (b) the relative price of good Y interms of good X?
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