Suppose the price level and value of the dollar in year 1, Econometrics

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Suppose the price level and value of the dollar in year 1

Suppose the price level and value of the dollar in year 1 are 1 and $1, respectively. If the price level rises to 1.25 in year 2, what is the new value of the dollar? If, instead, the price level falls to .50, what is the value of the dollar? What generalization can you draw from your answers?

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Econometrics: Suppose the price level and value of the dollar in year 1

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Econometrics: Suppose the price level and value of the dollar in year 1

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