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algol13
3 years ago
5

Dave gets a job at a grocery store, which pays him an hourly wage in exchange for his labor. Dave is participating in entreprene

urship human capital the product market the factor market
Business
1 answer:
kiruha [24]3 years ago
6 0

Answer:

Dave is participating in the factor market.

Explanation:

Dave gets a job at a grocery store, which pays him an hourly wage in exchange for his labor. Dave is providing his factor services to the grocery store and earning factor income in return.  

The grocery store is paying Dave a factor payment as an hourly wage in exchange for labor. So we can say that Dave is involved in the factor market.  

A factor market can be defined as that segment of the economy where the factor services are exchanged in exchange for factor payments.

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Operations management moves from knowing the needs of consumers to actually satisfying those needs.a) trueb) false
Mariana [72]

Answer:

<u>True</u>

<u>Explanation:</u>

Remember, no business operations would exist if there aren't any identified customer needs to solve.

Also, we need to bear in mind that Operations management activities are done in any business in other to efficiently (profitably) process raw materials,  labor, etc into the goods and services needed by consumers.

8 0
2 years ago
1.If Enviromax wants to maximize profit, what price would they charge?
Lunna [17]

Answer:

The question is incomplete. However, kindly find below the complete version of the question:

Question

Jack and Diane own Enviromax, a monopolistically competitive firm that recycles paper products. (1.)If Enviromax wants to maximize profit, what price would they charge?  (2).What is their profit per unit if they are operating at the profit maximizing output?

Answer / Explanation

(1) First before we continue to answer this question, let us define what a monopoly is: This is a kind of market situation where the sole production or manufacturing of a product have been given to a single entity.

The graph attached below will give us a proper understanding and illustration of the answer.

Where:  MR in the graph is defined as the additional revenue obtained when producers produce 1 more unit of good and the AR refers to the total revenue divided by the amount of output produced which is essentially  the price of one unit of good.

MC refers to the additional cost incurred by producers when they produce 1 more unit of good  and is upwards sloping due to increasing opportunity costs of production.  

Noting that since the firm is a monopolistic type, the MR curve is lower than the  AR curve because if the firm wants to sell an additional unit of output it will have to lower the  successive price.  This is unlike the case of a firm operating in a PC where it takes the price as given and hence has no  ability to set prices.  it should also be noted that profit maximizing for all firms (whether PC or non-PC) occurs at MC=MR. This is because if MC>MR  this means the additional cost of producing this unit of good > additional revenue obtained from selling  this unit of good and is hence not profit maximizing. If MC<MR, this implies that the firm should not stop  at producing this unit of good because it will be forgoing the additional net revenue (profit) should it do  so. Hence all firms will produce at the point where MC=MR.

(2) Now referring back to the graph, the profit-maximising point where MC intersects MR hence occurs at  output Q. The firm will hence produce Q and hence price at P according to the AR (DD) curve.

In the graph below, since AR > AC at the profit maximizing level, this implies that per unit revenue > per unit costs and the firm makes a supernormal profit (defined as what excess profit above what is  needed to keep firms in production which is normal profit) of the shaded area.  If the firm was operating in a perfectly competitive market however, then the profit maximizing point  would occur at AR =MC (since AR=MR in a PC market) and the firm would be producing at Qpc and Ppc

5 0
3 years ago
Accounting: A. measures business activities. B. is often called the language of business. C. processes data into reports and com
Anvisha [2.4K]

Answer: Is all of the above.

Explanation:

Accounting involves the process of taking accurate records of financial and non-financial activities of a business organization. Accounting is the language of business as it is needed for every business to succeed, also in accounting, records are kept that are useful in decision making.

7 0
3 years ago
Find the difference in height between the top of a hill 973 feet high and a crack caused by an earthquake 79 feet below sea leve
s2008m [1.1K]
The difference in height between the hill 973 feet above sea level and the crack 79 feet below sea level is:

 

Difference in height = 973 - (-79)

 

Which is equal to 1052 feet.

4 0
3 years ago
__________ is an arrangement whereby someone with a good idea for a business sells the rights to use the business name and sell
ira [324]

Answer:

Franchise

Explanation:

This is a business arrangement where the owner of a successful business gives the right (through special business and legal arrangement) to another, to run such business in a specified location using his brand name in accordance with agreed terms and conditions. Under this arrangement, technical support and training are always provided by the franchiser.

The franchisor charges the franchisee a fee for the right which in most cases is periodic. The franchise is renewable.

7 0
2 years ago
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