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Max sells 1 0 pancakes for 2 0 hamburgers. Identify the correct statement from the following. The price of hamburgers and pancakes is the same.
Max sells pancakes for hamburgers. Identify the correct statement from the following.
The price of hamburgers and pancakes is the same.
One hamburger is worth two pancakes.
The price of a pancake is twice that of a hamburger.
Max is the gainer from this trade because he gives up lesser number of goods.
The price of a pancake is half that of a hamburger.
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Mostly Harmless Econometrics An Empiricist's Companion
Authors: J D Angrist, Joshua D Angrist
1st Edition
0691120358, 9780691120355
