The impact would be that the average size of the inventory will increase.
If the manager has decided to double the production batch size then the average size of the inventory will also increase.
<h3>What is an inventory? </h3>
- In general terms an inventory refers to all the goods, items, products, which are a part of the business organization.
- For different industries the inventories have different meanings.
- Manufacturing industry: the inventory is not only the finished or the final product but also the raw materials are included.
- Service industry: the inventory of the service industry includes the steps involved in the sales of the product.
- Raw materials, finished goods, work that is in process etc.. all of this is inventory.
- Inventory is an important asset for all businesses and it is important to understand the meaning of it.
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Milk is used in the production of cheese. Cheese and tofu are close substitutes in consumption. Milk and Oreos are complements in consumption. Suppose that the price of Oreos increases, how does this affect the market for tofu?
The correct answer is decreasing in price will increase the quantity demanded.
<h3>Why does price decrease when demand increases?</h3>
If demand does not change, there is an inverse relationship between the supply of goods and services and the price. As the supply of goods and services increases with the same demand, prices tend to fall to lower equilibrium prices and higher equilibrium quantities of goods and services.
The relationship between price and demand is negative. H. They are inversely proportional. The inverse relationship means that when the price of a product goes up, the demand for that product goes down, and vice versa. This is due to the law of reducing marginal utility.
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C. The first step in the screening process for potential markets and sites is to identify the basic appeal of a market.
Identifying whether there is a fundamental demand for a business's product is the first step in looking for potential markets. screening process plays a key role in determining this fundamental appeal.
Then it also helps in choosing where to market or produce goods would be simple if all countries' business environments were the same. Managers could rely on statistics that track the state of the local economy and examine projected returns on investments.
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The answer to the question above is "brand names cause consumers to be more sensitive to product differences" based on the result of Roberto's taste test. In the blind test, Roberto did not feel the unsavory flavor from the generic store-coke and he prefers that generic store-coke. This test proves that Roberto's taste is distracted by the brand.
The similarity between being self-employed and owning a business out of the above choices is that you or your business produces something. Whether you personally make it or you own a business that produces something, something is being produced. You are your own boss in both situations, you likely make all of the decisions in both but with owning your own business there is a team that can help. Normally if you are self-employed you can't take time off and generate revenue because you are the sole worker.
