As a science, psychology gains knowledge through observation and measurement. this approach is called<u> "empiricism",</u> and the step-by-step implementation is called the <u>"scientific" </u>method, which follows systematic steps in a bias-free way, in order to obtain <u>"reproducible"</u> results.
Empiricism is an essential part of the scientific method since speculations and theories must be watched and tried to be viewed as precise. Empiricists will in general be skeptical that anything can be known for certain and, in this way, they tend not to put stock in creeds or total certainties. Empiricism is a philosophical conviction that expresses your insight into the world depends on your encounters, especially your tactile encounters.
If a company has a unit contribution margin of $80 and a contribution margin ratio of 50%. Then its unit selling price is $160 therefore option (d) is the correct answer.
Contribution margin, or dollar contribution in keeping with the unit, is the selling fee in step with the unit minus the variable price in line with the unit. "Contribution" represents the portion of sales that isn't eaten up by variable prices and so contributes to the coverage of fixed fees. The contribution margin is computed because of the promoting charge per unit, minus the variable value according to the unit. Additionally known as greenback contribution per unit, the measure indicates how a specific product contributes to the general income of the business enterprise.
To calculate the unit selling price use the formula
Unit selling price = contribution margin / contribution margin ratio
Unit selling price = $80 / 50%
Unit selling price = $160
Therefore option d) $160 is the correct answer
The contribution margin ratio of a business is the same as its revenue much less all variable fees, divided by means of its sales. It represents the marginal gain of producing one more unit.
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A value web is a collection of independent firms that use information technology to coordinate their value chains to collectively produce a product or service for a market. A value web is a group of separate businesses that work together to coordinate their value chains through information technology in order to generate goods or services for a market.
Compared to the conventional value chain, it is less linear and more customer-driven. Value chain analysis is a technique for assessing each activity in a market value chain to identify areas for improvement. You are prompted to think about how each phase adds or subtracts value.
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Answer:
A) A firm in an oligopolistic market has to consider its own impact on price when making production decisions
Explanation:
A perfectly competitive market is a market with many firms selling identical product. There are free entry and free exist and the decision of a firm does not affect the price in the market as all firms are price takers. Therefore, each firm is independent under perfectly competitive market and production decisions of a firm in a perfectly competitive market does not affect the price in the market nor will it cause any reaction from other firms.
However, Oligopolistic market is a market where there are few firms which are 3 or more firms but not more than 20 firms selling identical or differentiated product.. Firms in oligopolistic market are interdependent which implies that the decision of one firm can affect price and this can cause reaction from other firms and then lead to a price war. A price war occurs when each firm continually reduces its own price in order to increase its market share which causes other firms to react reducing their own prices and this will make none of the firms to gain in the end. In order to avoid the price war, each firm in an oligopolistic market has to consider its own impact on price when making production decisions.
