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The relative price of wheat will be barrels/bushel. It's how many units of oil one can buy for each bushel sold. The ratios tend to be confusing.
That's correct. Thanks for pointing that out. The video has been annotated.
I think it's the other way around. Pwheat/Poil = 5 bushels/1 barrel
Hope I haven't overlooked anything but isn't relative price of wheat I.e. Pwheat in terms of Poil 1/5 barrel/ bushel.
Also, at 4:48, wouldn't it be 1/5 of a barrel/bushel as the relative price of wheat (instead of 1/10th)
Yes, but that's because of the error he made. The price of wheat was $5 bushel. He must've accidentally put 10 instead of 5.
Correct.
Think you might be right.
I'm Cantonese Speaker. Google changed my name.
The relative price of wheat will be barrels/bushel.
It's how many units of oil one can buy for each bushel sold. The ratios tend to be confusing.
That's correct. Thanks for pointing that out. The video has been annotated.
I think it's the other way around. Pwheat/Poil = 5 bushels/1 barrel
Hope I haven't overlooked anything but isn't relative price of wheat I.e. Pwheat in terms of Poil 1/5 barrel/ bushel.
Also, at 4:48, wouldn't it be 1/5 of a barrel/bushel as the relative price of wheat (instead of 1/10th)
Yes, but that's because of the error he made. The price of wheat was $5 bushel. He must've accidentally put 10 instead of 5.
Correct.
Think you might be right.
I'm Cantonese Speaker. Google changed my name.