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Start learning 50% faster. Sign in nowA customs union is a type of trade bloc which is composed of a free trade area with a common external tariff. The participant countries set up common external trade policy, but in some cases, they use different import quotas. Common competition policy is also helpful to avoid competition deficiency Purposes for establishing a customs union normally include increasing economic efficiency and establishing closer political and cultural ties between the member countries. It is the third stage of economic integration. Customs unions are established through trade pacts. In a Customs union, partner countries may decide to trade at zero duty among themselves, however they maintain common tariffs against rest of the world. An example is Southern African Customs Union (SACU) amongst South Africa, Lesotho, Namibia, Botswana and Swaziland. European Union is also an outstanding example.
A shopkeeper offers the following two discount schemes.
A) Two successive discounts of 12% and 18%
B) Buy 6 get 3 free.
An article was sold for 298.496 after providing three successive discounts of 10%, 5% and 4% respectively on the market price. What was the marked price?
The cost price of an article is Rs x. It is marked up by 200%. It is sold at Rs 540 after giving 25% discount. What is the value of x (in Rs)?
If the shopkeeper sells an item at Rs 1000 which is marked as Rs 1250, then what is the discount he is offering?