Answer:
a. $125
b. $10,300
c. $10,425
Explanation:
a. The computation of the explicit cost is shown below:
Explicit cost = Purchase of office supplies + Monthly electricity bill
= $75 + $50
= $125
b. The computation of the implicit cost is shown below:
Implicit cost = Lost of salary + rent out amount lost
= $10,000 + $300
= $10,300
c. The computation of the cost is shown below:
Economic cost = Explicit cost + Implicit cost
= $125 + $10,300
= $10,425
Answer:
<em>c. base pay</em>
Explanation:
<em>In the given scenario </em>
<em> states that, Albert is working at a </em><u><em>base pay</em></u><em>.</em>
<em>Because base pay is a system in which a worker gets payment as per hour. In base pay the employee or the worker can fix a particular rate per hour or per week or per month.</em>
And as we can see that Albert is earning a <em>particular amount per hour</em>, so this is also known as <em>base pay</em>.
Answer:
Letter A is correct. <u>Pull.</u>
Explanation:
A pull marketing strategy aims to increase demand for a product or service as consumer attraction to the product or service increases.
In this strategy, the marketing team should focus efforts on designing promotions that induce consumers to want a particular product through appeals for price benefits, brand value, and satisfaction. Increasing consumer perception and product desire directly increases product demand and business results.
Some examples of pull marketing are through email marketing, social media, promotions and discounts, advertising and others.
Answer: Synergy.
Explanation:
Synergy occurs when different departments in an organization comes together to share ideas and resources with the sole aim of completing a project. A synergy for example, can be formed between the production and the marketing departments of a company to yield increase in sales.
Answer:
In this section, we are going to take a closer look at what is behind the demand curve and the behavior of consumers. How does a consumer decide to spend his/her income on the many different things that he/she wants, i.e., food, clothing, housing, entertainment? We assume that the goal of the consumer is to maximize his/her level of satisfaction or joy, constrained by his/her income.
Economists use the term utility as a measure of satisfaction, joy, or happiness. How much satisfaction does a person gain from eating a pizza or watching a movie? Measuring utility is based solely on the preferences of the individual and has nothing to do with the price of the good. Let’s do an experiment in utility.
Step 01: Get some of your favorite candy, pastries, or cookies.
Step 02: Take a bite and evaluate, on a scale from 0 to 100 (with 100 being the greatest utility), the level of utility from that bite. Record the marginal utility of that bite (i.e., how much you get from that one additional bite).
Step 03: Repeat step 02. It is important to be consistent with each unit consumed, i.e., the same size and no drinking milk or water part way though. When you run out of candy or your marginal utility goes to zero you can stop.
Law of Diminishing Marginal Utility
