<span>When economists say the supply of a product has decreased they mean that "Demand of product has been increased"
Hope this helps!</span>
Answer:
Reduce production
Explanation:
Profit is maximised where marginal revenue equals marginal cost. Because marginal cost is greater than marginal revenue, Kimberly should reduce production unit the point where marginal cost equals $27.
Marginal cost is the increase in cost as a result of increasing production by one unit.
Marginal revenue is the increase in revenue as a result of selling one extra unit of a product.
Answer:
marginal product of labor = 5 widgets per hour
Explanation:
In order to maximize profits, the firm must produce the output quantity where marginal revenue = marginal cost. In this case, the marginal revenue is $2, so the marginal cost must also be $2.
If hiring the last widget maker costs $10 per hour, and the marginal cost per widget is $2, then the worker must be able to produce 5 widgets.
It seems that you have missed the necessary options for us to answer this question so I had to look for it. Anyway, here is the answer. If the owner of Fido's Pet Supplies wants to know how much dry dog food to stock in her new location and on her customer questionnaire, the question that would be most likely to help her estimate her needs is this: <span> Does your dog prefer canned or dry food? Hope this helps.</span>
