Answer:
$12.6
Explanation:
Calculation for incremental manufacturing cost
The incremental manufacturing cost will be the addition of the following :
Direct materials $ 6.50
Direct labor $ 3.90
Variable manufacturing overhead $ 2.20
Incremental manufacturing cost $12.60
Therefore incremental manufacturing cost will be $12.60
Marginal revenue for the perfectly competitive seller is constant and <u>equal to</u> the price, whereas for the monopolist it is not constant and reflects the necessity of <u>lowering </u>the price to sell the output.
A monopoly, as defined with the aid of Irving Fisher, is a market with the "absence of opposition", developing a situation in which a specific person or organization is the only supplier of a particular component. Natural gas, strength companies, and different application businesses are examples of natural monopolies. They exist as monopolies due to the fact the value to go into the enterprise is excessive and new entrants are unable to provide identical offerings at lower fees and in portions comparable to the present company.
A monopoly is when one organization and its product dominate an entire enterprise wherein there is little to no competition and customers need to purchase that particular excellent or service from one organization.
A monopolist is a man or woman, group, or agency that controls the market for a particular desire or provider. A monopolist likely also believes in regulations that prefer monopolies since it offers them extra power. A monopolist has little incentive to improve its product because clients have no options.
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Given:
Benefit from first policy = $20 million
Probability to get $20 million = 30%
Benefit from Second policy = $40 million
Probability to get $20 million = 70%
Find:
Expected value of the benefits:
Computation of expected value of the benefits:
Expected value of the benefits = Expected benefit from first policy + Expected benefit from Second policy
Expected value of the benefits = ($20 million × 30%) + ($40 million × 70%)
Expected value of the benefits = ($6 million) + ($28 million)
Expected value of the benefits = $34 million
Therefore, the expected value of the benefits from policies is $34 million.
If I were a policy maker in Country LT, I would create a regulatory policy that allowed the grain producer to make as much in profit as possible, but still protect consumer needs. The company would be required to create various smaller companies, each selling different types and quality of grain for varying prices. This would preserve the ideals of free enterprise, encourage competition within the market, and help to keep food costs down for consumers.
The financial management practices which are least effective in creating and monitoring an operating budget include top down/bottom up budgets, poor inventorying, lack of control, over control, and lack of staff investment.
In business, financial management includes the practice of making a business plan and then ensuring that all departments which falls under it stay on track and work properly.
Creating and monitoring an operating budget for the national government involves four distinct processes which are, budget preparation, budget authorization, budget execution and accountability.
Hence, the operating budget helps in keeping track of the income and expenses in an organization.
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