To solve for total costs = $3,091 + $2,208 + $1,887 = $7,186 then we need to divide this based on the 662 arrangements she normally produces = $10.85 per arrangement is what she spends.
To solve for total revenue = (611)($10.85) = $6,632 total costs for 611 arrangments. (611)($39) = $23,829 - $6,632 = $17,197 is the total revenue earned for 611 arrangments.
Answer:
$62,800
Explanation:
Following Garfield Corp's policy, the number of pet beds that must be purchased, assuming no initial inventory, is given by the expected number of sales in March (1,300 units) added to 30% of the expected sales in April (30% of 900 units):
Since the company purchases each pet bed for $40, total budgeted purchases are:
Garfield Corp's total budgeted purchases for March are $62,800.
Answer:
d. This cannot be determined from the given information
Explanation:
To find the average revenue of 200 units it is necessary to know the total units. However, the function of the marginal revenue is not given. It is impossible to infer the marginal revenue (price) of other units (of output) only from knowing the marginal revenue of the 100th unit.
Answer:
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- <u><em>Law of demand</em></u>
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Explanation:
Indeed, the <em>law of demand </em>is that the price and quantity demanded are inversely related. <em>Ceteris paribus</em>, the economist say. It is a latin expression that means "<em>other things equal</em>".
As the resources are, per definition, scarce, the consumers, ecomomic agents who buy the products, need to allocate the money among the different goods and services that the market puts at their disposal.
And they allocate the resources in a intelligent way: they "calculate" the utility of each product considering the cost. If the price increase, the ratio of utility to cost decreases and the consumer will diminish the quantity demanded for that good. If the price decrases, the utility to cost ratio increases and the quantity demanded will increase.
