In which city hotel room is cheaper and by how much

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Country A produces two goods, elephants and saddles. In the year 2006, the 100 units of elephants produced sold for $2,500 per unit and the 30 units of saddles produced sold for $200 per unit. In 2007, the 120 units of elephants produced sold for $3,000 per unit, and the 50 units of saddles produced sold for $300 per unit. Real GDP for 2007, assuming that 2006 is the base year is.

Suppose the Japanese yen price of one British pound is 163.78 yen for each pound. A hotel room in London costs 120 pounds, while a similar hotel room in Tokyo costs 20,000 Japanese yen. In which city is the hotel room cheaper, and by how much?

Reference no: EM1362866

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