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2. Use the price information you are given to calculate the values of the distinct relative prices in this classroom economy. Note that there should
2. Use the price information you are given to calculate the values of the distinct relative prices in this classroom economy. Note that there should be as many relative prices as your answer to Question La indicates. The relative prices we are interested in are unfrprr'cex: the price of one unit of a good in units of another good. For example, you are given the unit price of dget spinners in juic: bottles, but not the unit price of calculators in pencil erasers {although it is very easy to calculate from the information you're given}. In the classroom economy, prices involving M&Ms are quoted in terms of individual M&Ms, not packages. (That is, individual M&Ms, rather than packages of M&Ms, are the relevant M'cM units for pricing.) For example, the students think of two juice bottles as costing 30 M&Ms {why-.7). Note that any given distinct pair of goods has only one distinct relative price. For exampl if we count the price of calculators in pencil erasers as one relative price then we don't count the price of pencil erasers in calculators as a second distinct relative price, because the two prices have a xed relationship (see below). For each distinct pair of goods, report the relative price that produces the highest unit prion 1n the case of calculators and pencil erasers, for example, if the price of a calculator in pencil erasers is higher than the price of a pencil eraser in calculators then report the rst price but not the second one. In calculating unit prices, don't worry about issues of divisibility. Assume any good can 1 divided in any way, so that fractions or decimals can be components of unit prices. (This
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