Suppose that 1 US$ = 1.5 South African Rand. Also, suppose that the representative good,

peanut butter, is $3 per jar in the US and 4 Rand per jar in SA. How will this situation affect the

exchange market for U.S. dollars? Explain/show the effect(s) of these prices. Include the initial

effect(s), the market adjustment(s), and the final result(s) on equilibrium.