Use the table below to answer the following questions.
Table 3.1.1

-Refer to Table 3.1.1. In 2014, the relative price of cola in terms of tea is

Question

Use the table below to answer the following questions.
Table 3.1.1
 
-Refer to Table 3.1.1. In 2014, the relative price of cola in terms of tea is

Quizplus · Accepted Answer

The relative price of cola in terms of tea is calculated by dividing the price of cola by the price of tea. In 2014, the price of cola was $2.50 and the price of tea was $3.00. Therefore, the relative price of cola in terms of tea in 2014 is $2.50/$3.00 = 0.83.

Use the Table Below to Answer the Following Questions