This is basically known as net profit. because he purcahes it of 100 $ and sale it of 120 and earn a complete 20$ profit. mostly that happens in retailer cases . best example is shop keeper because they are not manufacturing it <span />
Economic profits (or loss) is defined as the difference between revenues and the opportunity cost forgone. In the current case, the entrepreneur opted to start a business rather than being employed.
Therefore;
Economic profit = Revenues - Opportunity cost
In this problem;
Revenues = $300,000 - $150,000 - $25,000 - $25,000 = $100,000
Opportunity cost = $75,000
Therefore;
Economic profit = $100,000 - $75,000 = $25,000
Answer:All of these are correct.
Explanation:CRM(customer relations management) is a concept applied by Organisations to help them manage their relationship with their customers,it helps to know what customers need and do the necessary changes or actions to meet them.
Analytical customer relationship management has to do with the analysis(slicing and dicing)carried out on customer information in order to understand the values customer have for a given product or service, customer spending choices and customer segmentation. Analytical CRM is very useful in making effective customer satisfaction and customer relationship.
Answer:
Take courses related to business and find a job
Explanation:
The best way to learn something is to practically see it and perform it. Before starting a business it is important to do a job and analyse how other people are doing business and performing different business activities and operations. So, the best suggestion for Lilly is to do a job before starting her own business and take courses related to business and business management to clear her ideas and thoughts.
