Always pay your bills on time, if possible pay more than the minimum, and if possible pay off all before due date to eliminate interest charges
Answer:
Infinity
Explanation:
In economics, we say that demand is perfectly elastic when the Price elasticity of demand coefficient is equal to infinity. This is because in the scenario that demand is perfectly elastic, it means that the buyers will only buy at just one price.
Thus, the price elasticity demand for alfalfa will be infinity.
Explanation:
There are two alternatives
1. Sold for $6,300
The inventory parts should be sold for $6,300 as the current inventory parts are not relevant as it is a sunk cost i.e $18,500
2. Repair and after that sale it
Now in this case, we have to determine the benefit generated i.e come from
= Sale value - repairing cost
= $19,700 - $9,100
= $10,600
As we can see that the alternative 2 generated higher benefit as compare to the alternative 1 so it would be more beneficial for the company
Answer:
Economies of scope
Explanation:
Economies of scope -
The meaning of the term economies of scope is the reduction in the cost of a particular product due to the production of some similar product .
It refers to the situation where the marginal cost of the company or organization reduces , because of some production of the complimentary services or goods , is referred to as economics of scope .
Hence , from the given scenario of the question ,
The correct answer is Economies of scope .
A price ceiling imposed on monopoly will lead to all, i.e., lead to a shortage, no shortage and drive the monopolist out of business.
A price ceiling is the maximum amount that a seller is permitted to charge for a product or service. Price ceilings, which are typically set by law, are typically applied to staples such as food and energy products when such goods become unaffordable to regular consumers.
A price ceiling is, in essence, a form of price control. Price ceilings can be beneficial in making essentials affordable, at least temporarily. However, economists question whether such ceilings are beneficial in the long run. Price ceilings are typically imposed on consumer staples such as food, gas, or medicine, often following a crisis or specific event that causes costs to skyrocket.
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