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A low amount of money offered to you for some that is of more value. such as someone offering you $100 for something that is worth $500 dollars. you would be a 'chump' and you get the 'change'

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14y ago

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How much is a republik osterreich 10 groschen worth?

Well, darling, a Republik Osterreich 10 groschen is worth about 0.10 Austrian schillings, which is equivalent to roughly 0.01 euros. So, in simpler terms, it's basically chump change. Hope that clears things up for you, sugar!


What is the meaning of fixed cost in economics?

the cost which is not change with production fixed cost example rent of factory , employee salaries in case of manufacturing unit , fixed electricity charge etc.


When is demand when absolute price elasticity of demand equals 2.5?

Meaning that if prices change by 1%, the change in quantity would be 2.5% (at $100/piece, 1000 goods are consumed. if the price rises to $101, only 975 goods are consumed. And if the price falls to $99, 1025 goods are consumed.)


What is Balanced budget multiplier?

BALANCED-BUDGET MULTIPLIER:A measure of the change in aggregate production caused by equal changes in government purchases and taxes. The balanced-budget multiplier is equal to one, meaning that the multiplier effect of a change in taxes offsets all but the initial production triggered by the change in government purchases. This multiplier is the combination of the expenditures multiplier, which measures the change in aggregate production caused by changes in an autonomous aggregate expenditure, and the tax multiplier which measures the change in aggregate production caused by changes in taxes.


Are pharmaceutical products elastic?

They are likely to be inelastic meaning the demand for the products will not change in relation to price. This is because if consumers require medication then it is unlikely they will refuse to buy it based on a slight price increase