Question

relative commodity prices

Answer 1

Answer:

A relative price is the price of the commodity such as a good or services in terms of another, i.e. the ratio of two prices. Relative prices just refers to the ratio of prices .

Also relative prices are often referred in terms of consumer price indices.

Answer 2

Relative commodity prices are the price of commodities such as services and goods that are the ratio of two prices.

Explanation:

• It is the ratio between the price of any two goods.
• Relative commodity prices fall under opportunity cost.
• It is a opportunity cost because it displays that the next best good must be given up in order to buy a single unit of the first good.
• Micro economics is the study of relative prices of the commodity and how the economists react to the change in relative prices and how these relative prices are affected by the agent's behavior.

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relative commodity prices

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