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Archimedes was asked by the king to determine whether the goldsmith in making his crown had cheated the king by substituting cheaper metals.When Archimedes checked on known methods for analyzing metals, he found that all involved cutting or melting the crown.Then, the solution to the crown problem came to Archimedes suddenly when he was getting into his overly full bath and observed that the level of water rose as he stepped in.This same principle, he reasoned, could be used in determining the crown's volume.Then, legend has it that Archimedes ran naked through the streets shouting, "Eureka, Eureka," an activity which is not a requirement of this stage of rapid insight known as
Price Inelastic
Describes a situation where the demand for a product or service is relatively unaffected by changes in its price.
Personal Computers
Electronic devices designed for individual use, capable of performing a wide range of tasks such as word processing, internet browsing, and gaming.
Breakeven Point
The point at which total cost and total revenue are equal, meaning there is no net loss or gain.
Average Variable Costs
The total variable costs (costs that change with the level of output) divided by the number of units produced, indicating the average cost of producing each unit.
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