3. The absolute prices of goods X, Y, and Z, respectively, are $23, $42, & $56. (a) What is the relative price of X in terms of Y? S. 2 (b) What is the relative price of Y in terms of Z? PE Pc 6 (c) What is the relative price of Z in terms of X? In the preceding diagram, what areas represent consumers' 4. There are two goods, X and Y. The absolute price of X rises and the surplus at the equilibrium price of PE ? At P ? (Keep in mind absolute price of Y does not change. Prove that the relative price of X rises in that the equilibrium quantity is not produced and sold at Pc .) terms of Y. . In the diagram, what areas represent the deadweight loss due to the price ceiling (Pc )