If the absolute price of good X is $10 and the absolute price of good Y is $14, the relative price of good X in terms of good Y is

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asked Nov 14, 2022 80.1k views

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Don Hosek · Answer 1 · 2022-11-18T19:03:23+0000

Answer: 1X = 5/7Y

Step-by-step explanation:

Relative price is the price of a particular good when such good is being compared with another good. The relative price of good X in terms of good Y will be:

= Absolute price of X / Absolute price of Y

= 10/14

= 5/7

Therefore, 1X = 5/7Y

If the absolute price of good X is $10 and the absolute price of good Y is $14, the relative price of good X in terms of good Y is

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