Given total potential output of Maize 250,000 tons and Peanuts 750,000tons; and Consumption of Maize 200,000 tons and Peanuts 150,000 tons; what is the relative price of maize in terms of peanuts?
Given total potential output of Maize 250,000 tons and Peanuts 750,000tons; and Consumption of Maize 200,000 tons and Peanuts 150,000 tons; what is the relative price of maize in terms of peanuts?
Chapter4: Demand, Supply, And Market Equilibrium
Section: Chapter Questions
Problem 19P
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Given total potential output of Maize 250,000 tons and Peanuts 750,000tons; and Consumption of Maize 200,000 tons and Peanuts 150,000 tons; what is the relative price of maize in terms of peanuts?
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