Under perfect competition, any profit-maximizing producer faces a market price equal to its Marginal cost.
A perfect competition, often referred to as an atomistic market, is defined by various idealizing criteria, which are together referred to as perfect competition, or atomistic competition, in economics, specifically general equilibrium theory.
Any business that seeks to maximize its profits must contend with a market price (P = MC) that is equal to its marginal cost. This suggests that the price of a factor is equal to its marginal revenue product. It enables the supply curve, on which the neoclassical approach is based, to be derived. A monopoly does not have a supply curve for the same reason. Except in very limited circumstances like monopolistic competition, the abandoning of price taking makes it extremely difficult to demonstrate an universal equilibrium.
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The managers are taking a utilitarian approach to organizational decisions.
<h3>What is the Utilitarian Approach?</h3>
This is known to be a kind of assessment of an action that is said to be based on the effect or the consequences or outcomes.
An example is the net benefits and costs to all stakeholders on a personal level. It aim to get the greatest good for the highest or best number while making the least amount of harm.
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Answer:
People are more creative and produce more ideas when they are in a good mood
Explanation:
Dawn Wang heads an ad agency in Texas and regularly needs to work with copywriters, artists, and designers to come up with effective branding solutions for products. For one of the company's esteemed clients, Wang and her team need to brainstorm ideas for a slogan for the client's new line of clothing. In such a situation, it is particularly important for Wang to make his team happy because people are more creative and produce more ideas when they are in a good mood.
Answer: $20,181.21
Explanation:
First find the value of the Porsche at the end of 6 years:
= Current price * ( 1 + growth rate) ^ number of years
= 125,000 * (1 + 2%) ⁶
= $140,770
Abigail needs to have $140,770 at the end of 6 years. She would need to deposit a certain amount every year to get to that amount. This amount would be an annuity because it is constant.
Future value of annuity = Annuity * Future value interest factor of annuity, 6 years, 6%
140,770 = Annuity * 6.9753
Annuity = 140,770 / 6.9753
= $20,181.21