Question

3. Define price relative.​

Answer 1

Answer:

A price relative is the ratio of the price of a specific product in one period to the price of the same product in some other period. In purchasing power parity (PPP) comparisons a price relative refers to the ratios of the same product in two countries.

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Answer 2

Price relative refers to the percentage ratio of the value of a variable in the current year to its value in the year chosen as the base. Price relative (R) = (P1÷P2) × 100. Here, P1= Current year value of item with respect to the variable and P2= Base year value of the item with respect to the variable.