Economics (MindTap Course List)
Solutions
Economics (MindTap Course List)
Someone says, “The price of good X has risen, so good X is more expensive than it used to be.” In what sense is this statement correct? In what sense is this statement either incorrect or misleading?
The validity of the given statement.
The given statement is correct, when the increase in the price of good X is due to the increase in the money price of the good. However, the statement is also misleading as the increase in money price may not reflect an increase in the relative price of the good. This can be illustrated with the help of an example. Let us assume that the absolute price of good X is $20 and the absolute price of good Y is $40.
The relative price of good X in terms of good Y can be calculated as follows.
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