relative price

Definitions

Economics

  • The price of one thing (usually a good) in terms of another; i.e., the ratio of two prices. The relative price of good X in terms of good Y is pX / pY.

Health Economics

  • (written as Relative Price)
    A pure number: the price of one good or service divided by the price of another. This is the concept of price most commonly (if not always explicitly) found in microeconomics textbooks.
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