The absolute price of beef in Japan is $10.00 per pound and the absolute price of tuna is $5.00 per pound then the relative price of tuna in terms of beef is

Name: The absolute price of beef in Japan is $10.00 per pound and the absolute price of tuna is $5.00 per pound then the relative price of tuna in terms of beef is
Brand: Quizplus
Rating: 4.9 (48 reviews)

Question

Quizplus · Accepted Answer

The relative price of tuna in terms of beef is the ratio of the price of tuna to the price of beef, which is $5.00/$10.00 = 1/2 or 0.5. Therefore, the answer is A) one-half.

The Absolute Price of Beef in Japan Is $10