Change 003 into a Fraction and Reduce to the Lowest Term

question 221

Short Answer

Change 0.03 into a fraction and reduce to the lowest term. (Use a backslash "/" when entering your answer. e.g. 1/2)

---

Definitions:

Apples And Bananas

Commonly used examples in economics to represent two different goods in various economic models and theories.

Utility Function

A mathematical representation of how a set of goods and services are ranked according to their utility, or satisfaction, to the consumer.

Preferences

The individual choices or tastes regarding various bundles of goods, shaping demand and consumption patterns in economics.

Indifference Curves

Graphical representations in microeconomics, illustrating combinations of goods or services among which a consumer is indifferent, meaning they have no preference for one combination over the other.