Answer:
Hong Kong's economy was able to sustainably grow at very high rates during a long period of time. This means that Hong Kong's GDP per capita will constantly grow, so even if it started at a very low level it eventually grow to much higher levels.
Meanwhile, in Argentina and Venezuela, the economic growth rate was very small, sometimes even negative. Their GDP per capita may have been much higher than Hong Kong's 50 years ago, but since it stagnated for so long, it didn't grow that much.
Question:
Suppose the utility function for a firm manager is U = π+ bQ, where Q is output, π is profit, and b is a positive constant. How would the firm's output compare with what it would be if the manager's objective was to maximize profit?
A. It would be greater than the profit-maximizing output.
B. It would be less than the profit-maximizing output.
C. It would be the same as the profit-maximizing output.
D. None of the statements associated with this question are correct
Answer:
The correct choice is A.
If the utility function for a firm manager is U = π + bQ, where Q is output, π is profit, and b is a positive constant. It would be greater than the profit-maximizing output.
Explanation:
Economic theory normally uses the profit maximization assumption in studying the firm just as it uses the utility maximization assumption for the individual consumer. This approach is taken to satisfy the need for a simple objective for the firm. This objective seems to be the most feasible.
The profit-maximizing firm chooses both inputs and outputs so as to maximize the difference between total revenue and total cost.
The firm will adjust variables under its control until it cannot increase profit further. Thus, the firm looks at each additional unit of input and output with respect to its effect on profit.
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Answer:
Very glad I got to help you today!
Explanation:
Industrial goods are bought and used for industrial and business use. Consumer goods are ready for the consumption and satisfaction of human wants. While industrial goods are made up of machinery, plants, and raw materials, consumer goods are commodities purchased by a buyer like clothing, food, and drinks.
Answer and explanation:
Sexual harassment is the act by which employees of an organization tend to use their hierarchical position in the firm to influence other employees in engaging personal relationships with them, without the need for the harassed employee to be interested in such a relationship.
The first step to mitigate this unethical behavior is to file a complaint in the Human Resources (HR) department of the company. If there are doubts about the complainant employee, that employee should look for protection from the Equal Employment Opportunity Commission (EEOC) which is the governmental agency in charge of enforcing rules against any type of discrimination or unfair treatment in the work-frame.
Answer:
In general, no.
Explanation:
Private enterprise economies place production and growth in the hands of the business owners themselves. Usually there is little oversight from government in regards to how they conduct business.