Answer:
<em>Problem solving skills refers to our ability to solve problems in an effective and timely manner without any impediments. It involves being able to identify and define the problem, generating alternative solutions, evaluating and selecting the best alternative, and implementing the selected solution.</em>
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Answer:
1. The cost formula for the gallery's costs for a year would be Total cost=$80,000+$500X
2. The total cost for Ben in a year with 12 opening shows Using the cost formula developed is $86,000
Explanation:
1. According to the given data the cost formula for the gallery's costs for a year would be as follows:
Total cost=Fixed costs+Variable costs for the level of activity
Total cost=$80,000+$500*number of opening shows
Total cost=$80,000+$500X
2. The total cost for Ben in a year with 12 opening shows Using the cost formula developed above would be as follows:
Total cost=$80,000+$500X
Total cost=$80,000+$500*12
Total cost=$80,000+$6,000
Total cost=$86,000
Answer:
c. supply curve to the right, meaning market price will fall.
Explanation:
If firms in a competitive market start to make a large profit, more firms will enter that market because they will also want a share of it. As more firms enter the market, total quantity supplied will increase, shifting the supply curve to the right and lowering the equilibrium price.