Calculating exchange rate for USA dollar
If $9 is required to buy £2, what is the exchange rate for USA dollar? Answer: £1 = 9/2 = $4.5, i.e., £1 = $4.5.
If $9 is required to buy £2, what is the exchange rate for USA dollar?
Answer: £1 = 9/2 = $4.5, i.e., £1 = $4.5.
The usual household maximizes the utility by spending all its money to purchase and consume a combination of goods which yields: (1) Fundamental physiological requirements and customary wants. (2) Maximum status and the social prestige. (3) Complete satisfaction of al
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