<span>Experience teaches the things which a book can not teach. Thus, having extra work experience gives an edge to the person with higher experience with person with lesser experience. Lawrence's experience is more than his younger employees hence he knows various aspects of his work profile than the youngsters.</span>
The other-things-equal assumption, ceteris paribus refers to the notion that all variables except those under immediate consideration are held constant for a particular analysis.
<u>Explanation:</u>
"Holding other things constant" refers to the term Ceteris paribus. It mainly considers the one statement "all thing being equal" . In economic field, it takes only one variable into account and determines the effect of that one variable in economics holding all the other variables as a constant.
Whenever an argument occurs related to cause and effect then this concept comes into play. For instance this concept says that increasing the wage of an employee can reduce marginal cost, increase money supply, improves profits of the company he is working,etc. Thus, it considers the effect of only the wage of an employee.
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True they belong to the bracket of unemployed citizens and are dependent on the working force or are consuming their savings
Answer:
1. $12
2. $8
Explanation:
1. At Break-Even, George's profit will be equal to their cost.
Revenue = Costs.
Variable costs are $9.
Fixed costs are $24,000
Quantity is 8,000 shirts
Let the Break-Even price be x.
8,000x = 24,000 + (9 * 8,000)
8,000x = 24,000 + 72,000
8,000x = 96,000
x = 96,000/8,000
= $12
2. At 50% more shirts. George's would be selling;
= 8,000 + 8,000(0.5)
= 12,000 shirts
New Break-Even Point will be;
12,000x = 24,000 + 72,000
12,000x = 96,000
x = 96,000/12,000
x = $8