In 2010, the absolute price of tea was $12 a pound and the absolute price of a
Question:
In 2010, the absolute price of tea was $12 a pound and the absolute price of a Honda Civic was $16,000. In 2011, the absolute price of tea rose to $15 per pound and the absolute price of a Honda Civic rose to $24,000. Did the relative price of tea in terms of Civics increase or decrease? What about the relative price of Civics in terms of tea?
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 90% (10 reviews)
The relative price of tea decreased The relative pr...View the full answer
Answered By
Allan Olal
I have vast tutoring experience of more than 8 years and my primary objective as a tutor is to ensure that a student achieves their academic goals.
4.70+
78+ Reviews
410+ Question Solved
Related Book For
Question Posted:
Students also viewed these Economics questions
-
The absolute price of X is $40 and the absolute price of Y is $10. What is the relative price of X in terms of Y? What is the relative price of Y in terms of X?
-
Price of a 2012 Honda Civic EX (in $) from its Mileage (in miles) was fit to 18 cars that were available during the week of March 1, 2013 (Kellys Blue Book, www.kbb.com) within 200 miles of San...
-
A Honda Civic Hybrid averages 627 miles on a 12.3-gallon tank of gas. Ramona Hatch has enough money to put 6.9 gallons of gas in her Honda Civic Hybrid. She is planning on driving home from college...
-
Solve the inequality. Write the solution in interval notation. |15 = x < 7
-
Consider the following energy profile (a) How many elementary reactions are in the reaction mechanism? (b) How many intermediates are formed in the reaction? (c) Which step is rate limiting? (d) Is...
-
An e-retailer is famous for making their clearance sales very lucrative through offers bundled together. However, it is sometimes difficult to decide what the offers should be, so the manager has...
-
In the endless endeavor to make electronic devices as small as possible, you have been hired to make a capacitor that has the greatest capacitance possible in a cubic volume of \((10 \mathrm{~mm})...
-
The following data are taken from the financial statements of Filbert Company. Compute for each year (a) the accounts receivable turnover and (b) the average collection period. What conclusions about...
-
1. How do price levels and the changes in price level determine a country's exch rate? 2. When are the spot and forward currency markets aligned with interest rates? 3. Are changes in exchange rates...
-
What is the solution of the recursive equation T (n) = 0.015625T +n?? (1/4) a) O(n') b) O(n' lg n) c) O(n* Ign) d) O(7*)
-
Suppose an excise tax of 10 per apple would cause the price of apples to rise from 20 apiece to 23 apiece. What would be the effect of a sales tax of 10 per apple?
-
If somebody tells you that all of the relative prices in the economy have increased over the past year, what can you conclude?
-
Find a basis for P2, the space of all quadratic polynomials. Must any such basis contain a polynomial of each degree: degree zero, degree one, and degree two?
-
SCENARIO 1: The management of your company is concerned that lately, there have been many negative messages on social media sites (Facebook and Instagram) that criticise the company for implementing...
-
The most recent financial statements for Live Co. are shown here: Income Statement Balance Sheet Current Sales $13,000 $28,032 Debt $27,628 assets Costs 7,800 Fixed -assets 19,616 Equity 20,020...
-
Reviewing the topics in Cover Letters from the Strayer University Career Center, take some time to reflect on what you learned regarding the importance and structure of cover letters. Ascertain the...
-
Give An example of a tonal language in which the denotative meaning of some words depends on the context.
-
Where do you find information relating to insurance and excursions?
-
The half-life for the first-order decomposition of nitramide, NH 2 NO 2 (aq) N 2 O(g) + H 2 O(l), is 123 min at 15 C. If 165 mL of a 0.105 M NH 2 NO 2 solution is allowed to decompose, how long must...
-
Is it ethical to provide safety training in English to immigrant workers who speak little English, in order to reduce costs?
-
List three reasons project planning should include a risk assessment.
-
David Ortiz Motors has a target capital structure of 40 percent debt and 60 percent equity. The yield to maturity on the companys outstanding bonds is 9 percent, and the companys tax rate is 40...
-
Tunney Industries can issue perpetual preferred stock at a price of $50 a share. The issue is expected to pay a constant annual dividend of $3.80 a share. The flotation cost on the issue is estimated...
-
Javits & Sons common stock is currently trading at $30 a share. The stock is expected to pay a dividend of $3.00 a share at the end of the year (D1 = $3.00), and the dividend is expected to grow at a...
-
One of the two alternative long term debt or common stock will move Central Furniture Company to a more optimum capital structure. 1.what criteria are used to judge optimum capital structure?
-
Anna has a balance of $5,000 in her VISA account which grows at a nominal interest rate of 19.99% compounded daily. To pay off this balance, she makes monthly payments to VISA, with her first payment...
-
Joe works at a major pharmaceutical research and development company and has been tasked with writing his organization's data retention policy. As part of its legal requirements, the organization...
Study smarter with the SolutionInn App