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Please clarify this statement for me please

by trainwreck
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trainwreck
#1
Sep25-11, 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! :)
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berkeman
#2
Sep25-11, 03:41 PM
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Quote Quote by trainwreck View Post
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! :)
The first sentence is not very precise, unfortunately. I would interpret it this way (but I could be interpreting it wrong):

"the relative price of A to B is 2" implies to me that A/B = 2.
trainwreck
#3
Sep25-11, 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. :)

berkeman
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Sep25-11, 03:58 PM
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Please clarify this statement for me please

Quote Quote by trainwreck View Post
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. :)
As I said, the statement "The relative price of fruit to vegetables is 2" is not very precise, and is open to interpretation. You and I are interpreting it differently. A better way to express relative costs is like this:

A:B = 2:1

or like this:

A/B = 2

.
DaveC426913
#5
Sep25-11, 03:58 PM
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Quote Quote by trainwreck View Post
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?
It's very ambiguous.

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.
trainwreck
#6
Sep25-11, 04:14 PM
P: 6
Quote Quote by berkeman View Post
As I said, the statement "The relative price of fruit to vegetables is 2" is not very precise, and is open to interpretation. You and I are interpreting it differently. A better way to express relative costs is like this:

A:B = 2:1

or like this:

A/B = 2

.
So if A:B = 2:1, that means that A is cheaper than B. The way I am thinking is that for every unit of B, you can buy 2 units of A. Does this make sense? This is confusing; thanks for helping out. :) B=$10; A=$5
berkeman
#7
Sep25-11, 04:15 PM
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Quote Quote by trainwreck View Post
So if A:B = 2:1, that means that A is cheaper than B. The way I am thinking is that for every unit of B, you can buy 2 units of A. Does this make sense? This is confusing; thanks for helping out. :)
No.

The notation A:B = 2:1 means that A is twice as big as B.
trainwreck
#8
Sep25-11, 04:17 PM
P: 6
Quote Quote by DaveC426913 View Post
It's very ambiguous.

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.
Why are you adding the 1 in the numerator though? Couldn't it also be placed in the denominator? Ohhhhhhhh I am confused. Thanks :D
berkeman
#9
Sep25-11, 04:19 PM
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Quote Quote by trainwreck View Post
Why are you adding the 1 in the numerator though? Couldn't it also be placed in the denominator? Ohhhhhhhh I am confused. Thanks :D
Maybe this wikipedia page will help to clear up the concept of "ratios" for you:

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

.
trainwreck
#10
Sep25-11, 04:26 PM
P: 6
Quote Quote by berkeman View Post
Maybe this wikipedia page will help to clear up the concept of "ratios" for you:

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

.


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. :)
trainwreck
#11
Sep25-11, 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. :)
Mark44
#12
Sep25-11, 07:07 PM
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Quote Quote by trainwreck View Post
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?
I think you get this now, but you have asked the question so many times, I'm not sure. Your interpretation is wrong - in this problem, fruit costs twice as much per unit as vegetables. This would make the unit cost of fruit $20.

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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