Answer:
$1,420,000 is the correct answer.
Explanation:
Answer:
b. Mass customization
Explanation:
Mass customization -
It is the process of producing goods and service which can be altered according to the likes and dislikes of the customer , is known as mass customization .
It is the method to increase the production and increase marketing and manufacturing methods .
This method is also known as built - to - order or made - to - order method .
This method allows the customer to have a wider area of options and increase the creativity .
Hence , from the question ,
The correct term for the given example is mass customization .
Answer:
d) The inventor should produce all the units for which marginal revenue equals or exceeds marginal cost.
Explanation:
The inventor has a new and innovative product that can change the color of a person's eyes with no negative side effects.
She now has a monopoly in the market. To maximise her profits she needs to set price of the product so marginal revenue is equal to or greater than the marginal cost.
Marginal revenue is the additional income earned per unit produced, while marginal cost is the additional cost incurred with extra unit produced.
When MR is equal to MC the business breaks even, and when MR is greater than MC the business is making profit.
Answer:
differential cost
Explanation:
When you are elaborating a differential cost analysis between two alternative projects or actions, you are looking for the difference in total costs between both alternatives.
For example, you might elaborate a cost analysis to decide whether to continue or stop the production of a certain good. What are the costs associated with stopping the production versus thee profitability of continuing the production.
Answer:
The statement is true. Because they can control product price, monopolists are always assured of profitable production by simply charging the highest price consumers will pay.
Explanation:
In economics, a monopoly is a term that describes an industry or other economic sector where control rests with one supplier as that supplier is the only one supplying the market. In theory, that means total control or "complete monopoly" but in practice most monopolies today are "quasi-monopolies", with a supplier dominating the market almost completely but with the space for a few small companies as well. The monopolist can get a high price for his product by limiting market supply so that the supply of goods is less than the demand for it.
