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In its most basic form, a business plan explains where you want your startup to go in a certain time frame and how you intend to get there. A business plan is just as vital for starting a company as blueprints are for building a house. Extensive research (online or in libraries) can assist you in answering concerns regarding price structure, sales, funding, and other difficulties that may arise throughout the planning phase. One fascinating thing you'll find is that when drafting a business plan, you'll come across critical challenges that you would not have considered otherwise. One crucial piece of advice we have for all startup entrepreneurs is to "create your business plan" yourself rather than outsourcing it to professionals. The process of creating a business strategy is far more significant than the finished product. You may utilize tools like Business Plan Pro or create a structured business plan in the right style. Your bank manager, business advisory groups, alternative financing sources, and even friends and coworkers who will be operating the firm and using your plan on a regular basis may study your business plan. As a result, ensure that your strategy is comprehensive, transparent, and well-structured for everyone to grasp.
- ROR
Answer:
Total revenue will equal zero when the demand for a product is unit elastic. FALSE
When a firm lowers its price its total revenue may either increase or decrease. TRUE
Whenever a firm raises its price its total revenue will increase. FALSE
Whenever a firm increases its quantity sold its revenue will increase. FALSE
Explanation:
Price elasticity en the demand measures the porcentage of change in the quantity demandend when a price is changed.
When the porcentage of change in the quantity demanded is the same of the porcentage of change in the price we talk of unit elastic. The revenues will keep being the same no matter the change in the price.
When a firm lower the price of a good it can increase the revenues if the product has an elastic demand, it means that the porcentage of change in the quantity demanded is bigger than the porcentage in the change of the price, and if the product has an inelastic demand, the revenues will decrease. Price demand is inelastic when the porcentage of change in the quantity demanded is smaller than the porcentage in the change of the price.
Answer:
D
Explanation:
The number of workers who have received training in high tech fields far exceeds the number of job openings in these areas.