B. Too broad
While this maybe true. It's way too broad of a statement to conclude.
Answer:
Marginal Propensity to Consume = 0.8
Explanation:
Marginal propensity to consume (MPC) exhibits consumer's spending behavior as to what percentage of extra dollar is spent from extra dollar of income.
MPC is calculated as Increase in consumption divided by increase in income.
MPC: Increase in consumption / increase in income: 4,000 / 5,000
MPC = 0.8
Answer:
a. No, the firm is not minimizing the cost of production.
b. The firm should continue to increase the units of labor by reducing the unit of capital until when the ratio of Marginal product of labor to Marginal product of capital of is equal to the ratio of w to r.
Explanation:
a. Is the firm minimizing the cost of production?
The firm minimizing the cost of production where:
Marginal product of labor / Marginal product of capital = w / r
From the question, we have:
40 / 28 = 6 / 3
1.43 = 2
Since the ratio of Marginal product of labor to Marginal product of capital of 1.43 is not equal to the ratio of w to r, the firm is not minimizing the cost of production.
b. What should the firm do, if anything, to produce the same level of output at lower cost?
The firm should continue to increase the units of labor by reducing the unit of capital until when the ratio of Marginal product of labor to Marginal product of capital of is equal to the ratio of w to r.
The closest point at which this will happen is when the Marginal product of labor is 45 and Marginal product of capital is 23 where we have:
45 / 23 = 1.96, or 2 approximately.
Answer:
Revenue
Explanation:
Revenue is the income generated from normal busniss operations and includes discounts snd deductions for returned merchandiss
Answer:
Entrepreneurial thinking helps you stay ahead of others at work. It helps you tackle the ever increasing competition and rise through ranks. Your ability to identify problem quicker and provide solution timely is likely to put forward the best of you in front of your employer.
It allows for more flexibility in you. Entrepreneurial thinking can change your attitude towards th organization as well as yourself. Through the flexibility that it allows, it enables you to adapt to the changing environment such as the changes in competitive landscape, market dynamics, and consumer trends/demands etc. Little or no time is wasted in resistance towards the change, speeding up your career growth.
An entrepreneurial mindset provides individuals with the ability to adapt to certain conditions effectively.
Having an entrepreneurial mindset will encourage creativity. If you’re open to innovation and willing to take risks, you’ll be more likely to think outside the box. If something isn’t working well, there may be more than one fix, and you shouldn’t always fall back on the simplest or safest method. Critical thinking is the key to a successful business, and being willing to find creative solutions even if it might mean more work will help your business greatly in the long run.
