Use a Linear Approximation to Estimate $\frac { 0.95 } { 5.05 }$

question 62

Essay

Use a linear approximation to estimate $\frac { 0.95 } { 5.05 }$ .

---

Definitions:

Commodity

A fundamental product utilized in trade that can be exchanged for others of its kind.

Tariffs and Quotas

Government-imposed trade restrictions; tariffs are taxes on imported goods, while quotas are limits on the quantity of goods that can be imported.

Quotas

Restrictions imposed by a government on the quantity of a good that can be imported or exported during a specific period.

Tariffs

Taxes imposed by a government on imported goods to protect domestic industries or raise revenue.