The characteristics of electronic multipliers and their accuracy are analyzed. From the analysis a low cost, four-quadrant timedivision electronic multiplier jis built. This multiplier produces an output voltage equal to 0.01 of the instantaneous product of two input voltage representing independent variables. Each input may either be constant or vary with time over a range of ${pm}$100 volts. Drift and noise in this multiplier are kept at very low level and dynamic response is below 0.5 decibels up to 700 cycles per second. Methods of testing this multiplier and the results are also described. It is shown that the results agree with theoretical values satisfactorily.