How much does the price of wine change measured in dollars

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Reference no: EM13986325

Suppose a bottle of French wine costs 70 francs. If the exchange rate moves from 6 francs /dollar to 7 francs / dollar, how much does the price of the wine change measured in dollars?

1) The price rises from $10 to $11.66.

2) The price falls from $11.66 to $10.

3) The price remains unchanged, because the price in French francs is constant.

4) The change in price depends on how strong the dollar is.

Reference no: EM13986325

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