1..Suppose a haircut in New Delhi, India costs 135 rupees (INR). The same haircut, in Singapore, costs 15 Singapore dollars (SGD). Calculate the price of an Indian haircut in terms of a Singapore haircut if the exchange rate is 50 INR per SGD. Holding all other factors constant, how would this relative price change if the Indian currency depreciates to 55 INR per SGD? Does a Singaporean haircut become more or less expensive in relation to an Indian haircut, when compared to the initial situation?