<u>In </u><u>microeconomics</u><u>, the term </u><u>monopoly</u><u> is synonymous with decreasing returns of scale.</u>
When there are economies of scale in production?
As output increases, the long-run average total cost decreases. The total variable cost of creating five units of output is indicated by the Y-interval between the two curves in the diagram.
Is price and marginal cost equal?
- In economics, the practice of setting a product's price to cover the additional expense of producing an additional unit of output is known as marginal cost pricing.
- This policy limits the producer's ability to charge for each unit of a product sold to the addition to total cost attributable to materials and direct labor.
Simply put, what is microeconomics?
- Microeconomics is the study of how people, households, and businesses make decisions and distribute resources.
- It generally pertains to markets for goods and services and addresses both personal and financial concerns.
Learn more about microeconomics
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Answer:
Option B. It is unrealistic
Explanation:
The reason is that the people have different likes which means we will never see 100 percent acceptance from the customers which might in the way of rejecting the offer of Gary. So the assumption that 50,000 cab drivers will purchase its product is truly optimistic which in other words is unrealistic assumption. So the option B is correct.
Option A is incorrect because the assumption is less qualitative as it doesn't relies on realistic assumption.
The cab drivers sales are relevant here but the sales assumption was unrealistic (Highly optimistic assumption) so the option C and D are incorrect.
Option E is also incorrect because the sales to cab drivers can be measure by initially directly selling 1000 cell phone to 1000 cab drivers which will give an actual idea of sales units expected, which means it is measurable.
Answer:
Data Quality management: AHIMA created this model for quality data management to support the need for true and accurate data. Patient care, patient outcomes, reimbursement, process...
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Explanation:
Answer:
B) $2,850
Explanation:
1: Find the discount: $3,000*5% = $150
2: Subtract the discount: $3,000 - $150 = $2,850
Answer:
Option D.
Explanation:
Given information:
Formula for price elasticity of demand is
Substitute the given values in the above formula.
Absolute value is
The absolute value of the price elasticity of demand for DVD players is 2.67.
Therefore, the correct option is D.
