How do you find your revenue and profit doing equations?

1 answer:

5 0

Profit is different from revenue since you need to invest your money (called 'cost') to manufacture goods or services. So, a simple equation for 'revenue':

Profit = Revenue - Cost.

Lets say you are the basketball manufacturer who sells one ball for 30 dollars. And if you sell 100 balls, your revenue will be 3,000 dollars. However, to make 100 balls, it may be required to pay about 1,000 dollars for labors, rentals, machines, leathers, distributions, etc. So, your profit will be 2,000 dollars (3,000 revenue - 1,000 cost).

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Answer:

<em>An inferior good</em>

Explanation:

<em>An inferior good is a good whose demand decreases with consumer's increase in income</em>. John's increase in pay, that came with his promotion, triggered John to switch to driving everywhere he goes instead of riding the bus. This is because John feels that riding the bus is no longer fit for him, now that he could readily afford driving around in the stead of taking the cheaper bus ride.

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Give an example of a natural monopoly industry operating in South Africa.

MariettaO [177]

An example of a natural monopoly industry operating in South Africa include "Eskom".

<h3>What is natural monopoly?</h3>

A natural monopoly occurs when there is an instance in which it is economically viable and better for a single entity to be in full and sole control of the production of a product or service.

Moreover, a natural monopoly is the fact that natural monopolies have extreme economies of scale. It can only start to become profitable when one single firm is able to service the majority of the market.

Learn more about natural monopoly, refer to the link:

brainly.com/question/4417882

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2 years ago

If an organization is committed to ethical business conduct that commitment should remain constant

Volgvan

Yes, the above statement is true. <span>If an organization is committed to ethical business conduct that commitment should remain constant. Although several firms and many employees remain constant in their ethical commitment and values, variances can happen.</span>

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3 years ago

What was the initial problem in this case?

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The initial problem of this question is you left out a bunch of context of what you are asking about.

Explanation:

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Three primary parts of a business plan

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1. Executive summary

2. Business description and structure

3. Market research and strategies

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