The second step in the problem solving process is to clarify the issues of a problem.
Answer: The second step.
<span>Competition between co-workers is healthy and unavoidable because competition keeps the fire burning. Everyone is encourage to top his or her previous performance which leads to better company results. However, too much competition makes the company destructible as well.</span>
Answer:
A company has designed a new product and tested the prototype. What is the next step in product development ? Test - market the product.
Explanation:
Answer option A) Test - market the product.
Answer:
The correct answer is option d.
Explanation:
In a perfectly competitive market, it is assumed that the buyers and sellers have perfect information and take their economic decisions accordingly. But in reality, buyers and sellers do not have perfect information.
Information comes at a cost, which can sometimes be high. The rational decisions of the consumers without full information can lead to irrational outcomes.
If the cost of gathering information is less than or equal to the benefit earned from the information, the consumers will gather information and make fully informed decisions.
But if the cost is higher than the benefits, the consumers will not gather information and make a less informed decision.
Answer: $756
Explanation:
Based on the information given in the question, the fee that should be charged to obtain a contribution margin of 18% will be:
Target fee = Variable cost/(1-Contribution Margin)
= $620/(1 - 18%)
= $620/(82%)
= $620/0.82
= $756
They should charge $756
