Answer: 0.33
Explanation:
A relative price is defined as the price of a product when its compared with another product. It is the ratio of the prices of two goods. A relative price involves opportunity cost as economic agents usually choose a good at the expense of another after comparing a good with another.
Since the price of good X and Y are $90 and $30 respectively, then relative price of a unit of good Y in respect of good X
= 30/90 = 0.33
