The required answer is production.
Production:
- Producing something is the act of creating something out of components or raw resources. To put it another way, production employs inputs to produce an output that is fit for consumption—a good or product that has value for a customer or end-user.
- One of the most crucial steps in the manufacturing process, production is fundamental to what it means to be a manufacturer. Without this activity, no finished goods would be produced, leaving no products for buyers to purchase.
- The purpose of production is to provide the economy with commodities and services. Land is the primary factor of production, but term also refers to any other natural resource that is used to create commodities and services. This includes everything that comes from the land, not just the land itself.
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Answers:
It won't be advisable to transform this executive agencies to independent agencies, because it will reduce the power of the president, and therefore reducing the ability of the president to carry on it's agenda.
ADVANTAGE OF THE TRANSFORMATION:
1) Their will discharge their duties without any political influence.
2) The president will not longer have strong influence on their decision.
3) Each head of the agency will have a specific time and duration for it plans to be achieved before the end of it's tenure.
DISADVANTAGE OF THE TRANSACTION:
1) It will develop fight for power and control in the decisions of the agency, between the president and the head of the agency.
2) it will take away harmony been seen between the president office and the agency.
3) it will reduce the power been invested in the president in carrying on a better administration.
Executive heads owe allegiance to the president, because their are appointed by the president, and can only be removed by the president. During appointment, the president usually appoints it's loyalist that is qualified to head the agency. This is why some of their heads resign, when their can no longer cope with the will of the president.
The amount that must be put aside now is $458,796.85.
<h3>How much should be put aside now?</h3>
The first step is to determine the future value of the annuity:
Future value = yearly payment x annuity factor
Annuity factor = {[(1+r)^n] - 1} / r
Where:
- r = interest rate = 6%
- n = number of years = 20
$40,000 x [(1.06^20) - 1] / 0.06 = $1,471,423.65
Now, determine the present value of this amount: $1,471,423.65 / (1.06^20) =$458,796.85
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Answer:
b. make fewer than 20 wedding cakes per month.
Explanation
Laura sells 20 wedding cakes per month.
Her monthly total revenue is $5,000.
Marginal Revenue = $5000 / 20 cakes = $250
The marginal cost of making a wedding cake is $300.
<em>In order to maximize profits, Laura should make fewer than 20 wedding cakes per month. </em>
<em>The reason is that Laura's marginal cost is higher than her marginal revenue implying that she is spending more on each item than she is gaining. </em>
<em>By reducing one unit of output she will be gaining more revenue.</em>
<em>
Profit Maximization Rule Definition states that if a firm chooses to maximize its profits, it must choose that level of output where Marginal Cost (MC) is equal to Marginal Revenue (MR) and the Marginal Cost curve is rising. i.e. it must produce at a level where MC = MR.
</em>
<em>Hence Laura has to make fewer cakes</em>
