Calculating exchange rate
10 US dollars are exchanged for 500 Indian rupees. Calculate the exchange rate for Indian currency? Answer: $1 = 500/10 = Rs.50, that is, $1 = Rs. 50
10 US dollars are exchanged for 500 Indian rupees. Calculate the exchange rate for Indian currency?
Answer: $1 = 500/10 = Rs.50, that is, $1 = Rs. 50
Equilibrium quantity: It is the quantity supplied and the quantity demanded at equilibrium price.
Bank rate: This is the rate at which the central bank loans money to commercial bank.
Definition of surplus: It is a condition in which quantity supplied is more than quantity demanded. To remove the surplus, producers will minimize the price till the market reaches to equilibrium.
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