Question 4 :
In 2006, the absolute price of tea was $12 a pound and the absolute price of a Honda Civic was $16,000. In 2007, the absolute price of tea rose to $15 per pound and the absolute price of a Honda Civic rose to $24,000. Did the relative price of tea in terms of Civics increase or decrease? What about the relative price of Civics in terms of tea?
Change in the price of tea= $15-$12=$3
Percentage change in the price of tea= Change/Original price= ...
This explains the steps of computation of change in price relative price