Illustrate what about the relative price of civics in terms

Reference no: EM1340329

Computation of change in price

Question 4 :

In 2006, the absolute price of tea was $12 a pound and the absolute price of a Honda Civic was $16,000. In 2007, 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?

Reference no: EM1340329

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