When given this information (Y denotes output and L denotes hours of Labour. T is...
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When given this information (Y denotes output and L denotes hours of Labour. T is for traded goods and N is for non-traded goods), how do I work out the price level p and p$? Initially I said p=0.4/0.8= 0.5 and p$=0.8/0/4=2 which I don't think is correct, as then the price of non-traded goods is really small for both and $. Please can someone help me with working out the price level p and dollar level p$. Thanks
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