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A certain cell phone sells for 2400 yuan in China and for $300 in the U.S. The nominal exchange rate is 6.5 yuan per dollar.
A. Find the real exchange rate. Show your work.
B. In terms of dollars where is the cell phone cheaper?
Marginal Utility
The augmented joy or usefulness a shopper obtains by buying an extra unit of a commodity or service.
Utility Maximization
The economic principle that individuals seek to allocate their resources in a way that maximizes their satisfaction or utility.
Consumption
The spending on goods and services by households or individuals.
Marginal Utility
The supplementary satisfaction or benefit obtained from using an additional unit of a product or service.
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