Answer:
3. Correctly ignored a sunk cost
Explanation:
Sunk costs refer to those costs which have been incurred in the past and which can no longer be recovered. For example, past expenditure on research and development with no current or future benefits represent sunk costs which can no longer be recovered.
Sunk costs are irrelevant for decision making process as they do not relate to current projects and yield no economic benefit.
In the given case, Manuel had already purchased a $10 movie ticket, which can neither be transferred nor eligible for a refund. Later when he does not exercise the option of going for the movie and opts for a concert instead, the amount of 10$ spent on the movie represents a sunk cost which is non recoverable.
The choices are:
A) Food Safety Executives B) National Restaurant Association
<span>C) International Hotel/Motel & Restaurant Show D) Hospitality Design Expo
</span>
The answer is B) National Restaurant Association, it <span>is known and recognized as the largest foodservice trade association in the world that supports thousands of restaurants. NRA has a reputable status in the hospitality industry. The aim is to help empower restaurant entrepreneurs and provide support for its members. </span>
A market product growth strategy focuses on increasing sales of the firm's current products to its current target markets.
A product growth strategy increases sales looking all the prospects of the department rather than focus on only one department of the firm. It develops the firms production process in all aspects.
The strategy is made and planned according to the current market conditions to achieve its desired targets and get the maximum profit out of the production process that is taking place in the firm which in turn increase sales of the firm by increasing consumers demand.
To learn more about product growth strategy here,
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Answer:
Correct option is (b)
Explanation:
Time available for work if Melanie chooses to travel by air = 7 hours
Income per hour = $40
Total income earned if chooses to travel by air = 40 × 7 = $280
Time available for work if Melanie chooses to drive = 4 hours
Total income earned if chooses to drive = 40 × 4 = $160
Price differential = 280 - 160 = $120
As a rational decision maker, Melanie will choose to fly over drive only if her price differential is below $120. She will choose to drive if price differential is above $120.
