You get to control how the business is run, you don't have to listen higher ups. It is also rewarding to see how well your business is doing.
Answer:
$534,600
Explanation:
<em>Contribution margin = Sales - Variable Costs</em>
where :
Sales = 2,700 units x $664 = $1,792,800
Variable Costs = Costs of Goods Sold + Variable Selling Costs + Variable Administrative Cots
= 2,700 units x $405 + 2,700 units x $48 + 2,700 units x $13
= $1,258,200
therefore,
Contribution margin = $1,792,800 - $1,258,200 = $534,600
The opportunity cost of one extra restaurant meal in the time frame is 3 home meals.
<h3>What is opportunity cost?</h3>
Opportunity cost of the next best option forgone when one alternative is chosen over other alternatives. When the family chooses to go for the restaurant meal, they forgo the opportunity for a home meal.
Opportunity cost = 30 / 10 = 3
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Blake wanted to offer high-quality meals in his restaurant. His motto was "the best darn meat and potatoes for miles around." the locals agreed that the food was good.
They also agreed that if you decided to eat there, be prepared to wait. food preparation and service were slow. although blake’s motto stated the business’s competitive advantage, your accurate advice to blake would be the winning competitive advantage is one that addresses quality and service.
A competitive advantage is what sets a company apart from its competitors, in the eyes of its consumers. These advantages allow a company to achieve and maintain superior margins, a better growth profile, or greater loyalty among current customers. A competitive advantage is often referred to as a “protective moat.”
There are three fundamental strategy options open to firms for attaining a competitive edge, according to Porter's Generic Strategies model. Cost leadership, differentiation, and focus are these.
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