Answer:
Total revenue is the total amount of income that a firm obtains from selling goods or services. Average revenue is the average amount of income that a firm obtains for each unit of product , and marginal revenue is the extra amount of revenue that the firm obtains from the sale of one additional unit of product.
These three types of revenues have several relationships, for example, if total revenue increases more than total quantity, it means that marginal revenue is high. Another relationship is between marginal revenue and average revenue: when average revenue decreases, marginal revenue increases and viceversa.
Answer:
Bounded rationality
Explanation:
Decision making is an important aspect of every man, However good decision making is guided by a lot of principles
Bounded rationality mean that human rational at the point of decision making is limited . It can be further explained by the principle that a number of factors like the available information ,mindset and even time can limit the decision making capacity of an individual.
This best define the situation confronting Susanne in the scenario.
Answer: I would consider the risk, factor of starting a new market and seeing it become better.
Treadwell decided to become a multi-brand franchise instead of staying with KFC,because he gained a full understanding of the retail fast food industry.
Explanation:
Starting a new business requires a lot of patience, strategic planning, funds, and a lot of policies to put in place. As a manager coming from a bank of exposure, you would be experienced but it would still require you building a brand, which isn't easy as you'll have to face completions from already existing marketers, but the right policy, good competitive edge would set you up for the best, but would need a lot of work.
Treadwell decided to become a multi-brand franchise instead of staying with KFC,because he gained a full understanding of the retail fast food industry. His experience revolved around how the corperate structure works, branding and what sets the motion for the organization. This were well enough for him to handle a brand for himself
Answer:
First step in decision- making process is to identify problem. The first step in making the right decision is recognizing the problem or opportunity and deciding to address it. Determine why this decision will make a difference to your customers or fellow employees.
Explanation:
Answer:
Excess supply
Explanation:
Equilibrium price is the price where the demand curve equals the supply curve.
When price is above the equilibrium price, quantity supplied increases.
According to the law of supply, the higher the price, the higher the quantity supplied and the lower the price, the lower the quantity supplied.
If price is below the equilibrium price, there would be excess demand.
I hope my answer helps you
