Suppose that an Apple iPhone costs $240 in the United States, £60 in the United Kingdom, and ¥35,000 in Japan. If the exchange rate between the pound and the dollar is $1.80 = £1, the real exchange rate between the pound and the dollar is. (Enter your response rounded to two places.)

Suppose that an Apple iPhone costs $240 in the United States, £60 in the United Kingdom, and ¥35,000 in Japan. If the exchange rate between the pound and the dollar is $1.80 = £1, the real exchange rate between the pound and the dollar is. (Enter your response rounded to two places.)

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Suppose that an Apple iPhone costs $240 in the United States, £60 in the United Kingdom, and ¥35,000 in Japan.
If the exchange rate between the pound and the dollar is $1.80 = £1, the real exchange rate between the pound and the
dollar is (Enter your response rounded to two places.)

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