Answer:
The best explanation for the need to allocate resources in the game of economics is that:
C) There are not enough resources to produce all of the goods and services that everyone wants.
Explanation:
In economics, it has been established that human needs are insatiable and that the resources to meet the needs are not readily and sufficiently available. This is the bedrock of Economics. It is the reason that Economics is studied as a separate course. Scarcity and needs are important concepts in human interactions. Therefore, the ability to allocate scarce resources to enable the production of goods and services is key to human development.
Answer:
The answer is: C) team-based new product development
Explanation:
Team based new product development: When a company assembles a cross functional team of employees form different departments to work on the development of new products or services.
This approach has the advantage of saving time over the traditional process of passing a new product from one department to another.
Answer:
A reference group
Explanation:
Reference groups are are set of people who are used as a standard for how to comply with social norms thereby influencing our ideas, values, behaviour, and appearance.
For example a reference group can be a set of people that have achieved a certain level of importance in a field by following a standard.
In the given scenario Blueberry Designs ads show a lifestyle that is sophisticated and timeless.
Those that follow the standards set by Blueberry designs can be said to be a reference group
Answer:
<u>Limited Relationships</u>
Explanation:
Customer Relationship management (CRM) refers to the practices and policies followed by an organization w.r.t interaction with it's customers. The concept lays emphasis upon creating healthy customer relationships and solving customer questions and queries in the most efficient manner.
CRM in a way represents the technology or platform a company uses so as to manage it's external interactions with customers.
Software, artificial intelligence, etc represent some of the areas wherein CRM has grown technologically.
The given case points towards the existence of a transactional relationship i.e relationships which is limited only till the transactional level. Under this, the company's does not exactly establish relationship with customers.
Answer:
b. make fewer than 20 wedding cakes per month.
Explanation
Laura sells 20 wedding cakes per month.
Her monthly total revenue is $5,000.
Marginal Revenue = $5000 / 20 cakes = $250
The marginal cost of making a wedding cake is $300.
<em>In order to maximize profits, Laura should make fewer than 20 wedding cakes per month. </em>
<em>The reason is that Laura's marginal cost is higher than her marginal revenue implying that she is spending more on each item than she is gaining. </em>
<em>By reducing one unit of output she will be gaining more revenue.</em>
<em>
Profit Maximization Rule Definition states that if a firm chooses to maximize its profits, it must choose that level of output where Marginal Cost (MC) is equal to Marginal Revenue (MR) and the Marginal Cost curve is rising. i.e. it must produce at a level where MC = MR.
</em>
<em>Hence Laura has to make fewer cakes</em>
