Answer:
is the addition to total output due to the addition of the last unit of an input, holding all other inputs constant.
Explanation:
The marginal product of an input is the change in total output as a result of the change in output by 1 unit
For example, the table below is the total product of labour
amount of labour output
1 10
2 20
3 40
the marginal product of the 3rd worker = (40 - 20) / (3 - 2) = 20
marginal product of the second worker = (20 - 10) / (2 -1 ) = 10
Average output = total output / labour
Answer:
B) underestimated the competition.
Explanation:
Maya is trying to pursue a dream of having her own bakery in a vibrant seaside resort town and thought that by using her grandmother's recipes, her business would be a success. But in order for a business to be successful, it takes more than just a great product (or great cookies, muffins, etc.).
The first thing you need to do is analyze the external environment and what other products are offered by your competition. That way you will be able to determine the opportunities or threats to you new venture. E.g. since the town hosts several upscale and expensive resorts, the clients are wealthy and that market attracts good chefs. I'm not sure if they hand out Michelin stars to bakeries, but if you have very good products offered by your competition, then you must work twice as hard.
Offer is a definite undertaking or proposal made by one person to another indicating a willingness to enter into a contract. The offer must be communicated to the offeree and must be <span>sufficiently definite and certain.</span>
An offer to enter into a contract can be terminated by lapse of time, r<span>evocation ,
counteroffer, rejection, death or incompetency of the offeror or offeree, destruction of the subject. </span>
The actions of the millions of producers is driven by self interest.
<h3>Who is a producer?</h3>
A producer is an individual or firm that makes goods and services for consumers. For example, a farmer who plants apples is a producer. Also, the owner of the lemonade stand is a producer.
The goal of a producer is to earn profits all things being equal. Profits is when total revenue is greater than total cost.
To learn more about profit, please check: brainly.com/question/26181966
