Answer: is realizing an economic profit of $40
Explanation:
The total cost involved in the production will be:
Fixed cost = $100
Variable cost = $3 × 20 = $60
Total cost = $160
The selling price will be:
= $10 × 20
= $200
The economic profit will then be;
= Selling price - Cost price
= $200 - $160
= $40
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Answer:
A) and goes further than necessary to ensure full coverage
Answer:
Option c. Decreasing returns to the ideas stock but increasing returns overall
Explanation:
In economics, the challenge will be to increase the production of the goods and render more services. However, the return to the flattening curve means that there would be a change in the trends. Thus, in this case, there would be a variability in the supply and demand chain. Such tends to happen with drastic changes in the trends.
Answer: necessity entrepreneur
Explanation: While an entrepreneur is described as someone who organizes and operates a business venture and assumes much of the associated risks, necessity entrepreneurs only do so out of necessity (the quality or state of being necessary, unavoidable, or absolute requisite). As such, they are individuals ranging from educated persons to street sellers especially in developing countries who create small businesses or enterprises out of the need to survive. In Michael Peters' case, he lost his job due to downsizing which caused him to apply his skills and talents to starting up a business.
