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ECON3200001.1251 Homework Assignment 3
Short answer
Sam likes Pepsi (P) twice as much as he likes Coke (C). Assume the price of Pepsi is $3 and the price of Coke is $1 and that Sam’s income is $150. What is the relative price of Pepsi?
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To determine the relative price of Pepsi, we compare its price to the price of Coke, since relative price is defined as the price of one goo......Login to view full explanationLog in for full answers
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