A Pocket Calculator Has a Retail Selling Price of $12

question 1

Short Answer

A pocket calculator has a retail selling price of $12. The price has been reduced to $7. Bill purchases a calculator, handing the clerk a $100 bill. What change does Bill receive?

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Definitions:

Complements

Goods or services that are used together, such that the increase in demand for one results in an increase in demand for the other.

Bacon and Eggs

A popular breakfast dish in various cultures consisting of fried bacon and eggs.

Cross-Price Elasticity

A measure used in economics to show how the quantity demanded of one good changes in response to a change in the price of another good.

Inferior Goods

Goods for which demand decreases as the income of the consumer increases, opposite to normal goods.