Today a new Ford costs $24,000 in 1970 it cost $6,000 what is the price relative?
6,000 / 24,000 = 1/4
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To calculate the price relative, we can divide the current price by the past price and then multiply by 100 to express it as a percentage.
Price relative = (Current price / Past price) x 100
Using the given information:
Current price = $24,000
Past price = $6,000
Price relative = (24,000 / 6,000) x 100
Price relative = 4 x 100
Price relative = 400%
Therefore, the price relative of a new Ford in 1970 compared to today is 400%.
To find the price relative, we need to calculate the ratio of the current price to the past price and express it as a percentage.
The formula for price relative is:
Price relative = (Current Price / Past Price) * 100
In this case, the current price of a new Ford is $24,000, and the past price in 1970 was $6,000.
Substituting the values into the formula, we get:
Price relative = ($24,000 / $6,000) * 100 = 400
Therefore, the price relative of a new Ford from 1970 to the present is 400, indicating a four-fold increase.