The value of the marginal product of any input is equal to the marginal product of that input multiplied by the: <u>market price</u> of the output.
<h3>How to find the marginal product?</h3>
The marginal product can be defined as the change that occur due to the addition of an output to a unit of input .
The value of marginal product can be calculated by making use of this formula
Value of Marginal Product = Marginal physical product × Average revenue price of the product.
Therefore the statement that complete the statement is market price of the output.
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A <u>customer </u>orientation refers to the process of determining the wants and needs of buyers and then providing goods and services to meet or exceed their expectations.
Customer orientation is a commercial enterprise approach that places the wishes of the client over the desires of the commercial enterprise.
Customer-oriented groups keep in mind that the enterprise won't thrive until it constantly improves customer recognition. it's a way of questioning that aligns your commercial enterprise dreams along with your client's goals.
The purchaser marketplace consists of all of the individuals or households that need goods and services for private consumption or use and features the assets to shop for them.
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Explanation:
We can define the sales mix as the proportion of products sold in a company. A calculation is made to establish the proportion of sales of a particular product and how profitable it is for a company. The calculation is performed according to the productive capacity of the company and the need of consumers for a given product.
By knowing the sales mix, you can determine the breakeven point, which corresponds to the point at which total cost and total revenue are equal.
When there is a change in the sales mix, it significantly affects the breakeven point because different products have different expenses, contribution margins, and selling price, so any change in the sales ratio of a given product will impact the breakeven point.
The right answer for the question that is being asked and shown above is that: "Economic resources are limited." The statement that is true about economic resources is that <span>Economic resources are limited.
The right answer for the question that is being asked and shown above is that: "</span><span>Contractionary"</span>
As regards the statement on giving a carefully chosen gift to those you do business with in China being a norm, this statement is <u>True</u>.
<h3>What is considered a norm in Chinese business?</h3>
The Chinese believe that when you do business with someone, you should present them with a carefully thought out and chosen gift.
This shows great respect for your business partner, and can help negotiations to go along more smoothly.
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