Answer:
Option (a) is correct.
Explanation:
According to the law of diminishing marginal productivity, if there is an increase in the input in the production of a certain commodity then as a result there is an increase in the output of that commodity, initially but further increase in the input will have no impact on the output of the commodity or will have a negative impact.
In our case, when farmer hires 3rd worker, the output increases by 1,400(4,400-3,000) bushels. According to the law of diminishing marginal productivity, if he hires 4 workers then there is an increase in the output but less than the 1,400 bushels.
This condition will be satisfied in the option (a), where output increases by 1,200 bushels.
Soft customer-defined standard.
Opinion based measures that cannot be observed and must be collected by talking to customers(perceptions, belief) is called Soft customer-defined standard.
Answer:
the cost of the equipment is $42,979
Explanation:
The computation of the cost of the equipment is as follows:
= Purchase value of an equipment + sales tax on the purchase + other cost incurred + installation cost
= $39,200 + $2,352 + 588 + $657
= $42,979
Hence, the cost of the equipment is $42,979
Answer:
Consumer Sovereignty
Explanation:
Consumer sovereignty in production refers to the controlling power of consumers and that the production of goods and services is determined by the consumers' demand.
In the given scenario, The dollar votes of consumers ultimately determine the composition of output and the allocation of resources in a market economy, and hence this statement best describes the concept of Consumer Sovereignty
When starting a business, more women choose service industries that tend to have lower average sales levels. Those industries that do not directly produce tangible things are known as service industries (such as agriculture and manufacturing). The supply chain is the process through which items generated in the agricultural and manufacturing sectors are delivered to final customers.
Some service industries involved in this process include transportation, wholesale trade, and retail trade. Others are offered straight to customers. These include public administration, health care, education, information services, legal services, and financial services. Everything else falls under the category of service industries, which also includes banking, communications.
To learn more about industries, click here.
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