
#1
Sep2511, 03:33 PM

P: 6

If the relative price of A to B is 2, and the absolute price of B is $10, what is the price of A?
Is it $5? I am assuming 5 dollars, for you can buy 2 As per 1 B, right? This is dirt easy, but I am an exchange student and the language used is simply confusing me. Would appreciate your help!! Thanks in advance! :) 



#2
Sep2511, 03:41 PM

Mentor
P: 39,648

"the relative price of A to B is 2" implies to me that A/B = 2. 



#3
Sep2511, 03:55 PM

P: 6

The relative price of fruit to vegetables is 2, the absolute price of vegetables is $10. What is the price of fruit?
The way I interpret this is that one can buy two units of fruit per one unit of vegetable. Therefore the price of fruit must be $5? Is this how you see it too? The term "relative to" is confusing me. Thanks for your help. :) 



#4
Sep2511, 03:58 PM

Mentor
P: 39,648

Please clarify this statement for me pleaseA:B = 2:1 or like this: A/B = 2 . 



#5
Sep2511, 03:58 PM

P: 15,325

Look at the opposite: the relative price of fruit to veggies is 1/2. So fruit is 1/2 of veggies. So fruit is $5. Since that makes sense (to me), I'd say that, if the relative price is 2, then the price of fruit is $20. If you get it wrong you should point them to this thread, where a bunch of brainiacs couldn't decipher the meaning of the question. 



#6
Sep2511, 04:14 PM

P: 6





#7
Sep2511, 04:15 PM

Mentor
P: 39,648

The notation A:B = 2:1 means that A is twice as big as B. 



#8
Sep2511, 04:17 PM

P: 6





#9
Sep2511, 04:19 PM

Mentor
P: 39,648

http://en.wikipedia.org/wiki/Ratio . 



#10
Sep2511, 04:26 PM

P: 6

Opportunity cost is defined as what you forego when you choose to buy A instead of B. So if A costs $4 and B costs $2 and you buy one unit of A, you forego to buy two units of B. So the relative price of fruit to vegetables is 2, the absolute price of vegetables is $10. What is the price of fruit? The way I interpret this is that one can buy two units of fruit per one unit of vegetable. Therefore the price of fruit must be $5? Maybe I am not being logical here. That is why I am on here, after all. Thanks again. :) 



#11
Sep2511, 04:33 PM

P: 6

I spoke with someone else, and the way he is interpreting the question is exactly how you said
A:B = 2:1 since A is twice as big as B, and B costs $10, A must cost $20. Thanks everyone!! I was just interpreting it differently. :) 



#12
Sep2511, 07:07 PM

Mentor
P: 21,030

Fruit cost (per unit) $20 Veg. cost (per unit) $10 Ratio of cost of fruit to cost of vegetables = 20/10 = 2. 


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