An employement contract if Edna is unable to complete the procedure, another surgeon with the minimum degree of expertise required for the procedure must take over the contract.
This example’s procedure is risky and connected to a risky surgery that would be best handled by Edna. Since the contract was based on Edna’s experience, it cannot be transferred to someone with the lower level of expertise required for this activity.In this case, Edna, a renowned brain surgeon in the United States, signs a contract to operate delicately on Ben’s brain. Edna, who has a lot going on, wants to give Charles, a less experienced surgeon who would be doing his first procedure of this kind, this contract because she is so busy.Because the contract between Ben and Edna involves personal talent, Ben can object to and stop this assignment (brain surgery).Evidently, Edna’s position as the top brain surgeon in the USA can be attributed to her competence and professionalism. With this knowledge at his disposal, Ben decided to enter into a contract with Edna, a skilled brain surgeon.
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Answer:
diminishing marginal rates of substitution.
Explanation:
Based on the information provided within the question it can be said that the principle that captures this is known as diminishing marginal rates of substitution. Like mentioned in the question this refers to the fact that a consumer chooses to replace a product instead of actually buying more. This decreases as you move down the indifference curve as shown below.
Answer:
Option (C) is correct.
Explanation:
The required proceeds:
= Amount need to be finance ÷ (1 - 7%)
= $20 million ÷ (1 - 0.07)
= $215,05,376.34 (approx)
Hence, the number of shares needed to be issued:
= required proceeds ÷ Issue price per share
= $215,05,376.34 ÷ $50 per share
= 430,108 shares (approx)
Therefore, 430,108 shares they need to issue to cover the cost of the project plus all floatation costs.
Answer:
$20.
Explanation:
As the question require us to calculate the profit when one unit in excess of break-even point is sold, so we have to calculate the break-even quantity first. The formula to calculate the break-even quantity is:
Break-even Units = Fixed Cost / (Contribution Margin Per Unit)
where
Contribution margin per unit = Selling price per unit - variable cost per unit
⇒ Break-even units = 15 / (50 - 30) = .75.
This makes the one unit in excess of break-even volume to be 1.75. Now, we have to draft the income statement to determine the operating profit when sales volume is 1.75.
Income Statement
Revenue (50 * 1.75) $87.5
Variable Cost (30 * 1.75) (52.5)
Fixed Cost (15)
Operating Profit $20