Tadessa, who lives in Ireland, is planning a trip to the United States. He has budgeted 200

Question:

Tadessa, who lives in Ireland, is planning a trip to the United States. He has budgeted €200 for a hotel room in New York City on the day of his arrival. The hotel prices are quoted in dollars.

a) On the day of his arrival the exchange rate is US$1.35 per €1. What is the most expensive room that he can afford?

b) The exchange rate changes to €0.95 per US$1. Has the euro appreciated or depreciated relative to the dollar? (Hint: recalculate the most expensive room that he can afford.)

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Gauri Hendre

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