The Following Table Shows the Price of a Starbuck's Tall

question 20

Essay

The following table shows the price of a Starbuck's tall latte coffee in different locations expressed in local currencies and converted into dollars using the spot rate of exchange. For example, a tall latte in London costs £1.90; at an exchange rate of $1.989 per pound, this is equivalent to a price of £1.90 × $1.989/£ = $3.78. This is 24% higher than the cost of a similar coffee in New York; for the costs to be equal, the pound would need to depreciate against the dollar.

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Definitions:

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