Answer:
A.$12,000
B.$8000
C.MRPL/PL = 3
MRPK/PK =2
D) Since each of the above calculated ratios are more than one, therefore adding additional worker or tractor will increase the total revenue for each of the dollar spent.
Explanation:
(a) The Marginal Revenue Product of Labor (MRPL) can said to be the additional revenue generated when an additional worker is employed.
$66,000 - $54,000 = $12,000
Thus, MRPL is 12,000
b) Marginal revenue product of capital is
( 62000 - 54000)= $8000
c) MRPL/PL = 12000/ 4000= 3
MRPK/PK = 8000/4000=2
Therefore Since these two ratios are not equal it means the firm is not using the least cost combination of inputs.
d) Since each of the above calculated ratios are more than one, therefore adding additional worker or tractor will increase the total revenue for each of the dollar spent.
A few of the following can be considered major factors in failure of small businesses:
-Lack of financial planning: when a business is born it needs to critically plan out the first few years of running. Small business often fail to plan out for the future and have less working capital at hand.
-Lack of expertise: small business cannot afford specialist managers and this may be a reason for failure
-no investment in marketing and research can also be a reason.
Answer:
<u><em>Sales</em></u>-Oriented
Explanation:
A Sales-Oriented Company's main focus is on <em>producing a sales team to advertise and market their products or services.</em>
Generally, such strategies are made through door-to-door sales, telephone conversations, and other encounters with prospective customers or opportunities.
The sales team is typically the business's greatest resource and the <em>primary driver of its growth and productivity.</em>
Verbal/ Written
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