Answer and Explanation:
A consumer surplus is the gain a consumer makes by paying less than he is willing to pay for a product. Example if a consumer is willing to pay $300 for a mobile phone but pay $200 for the phone, the consumer surplus is $100
Given that the demand function is P=60-Q
And price is 30
Therefore consumer surplus is, substitute 30 in p
30=60-Q
30-60=-Q
-30=-Q
Q=-30/-1
Q=30
Therefore consumer surplus = 30
Answer with its Explanation:
The forces that had lessened the importance of the cost and management accounting systems in today's dynamic world are as under:
- The ancient bookkeeping and the costing techniques were very time consuming and the accounting systems were also not integrated with the financial accounting systems. Today we have very robust and integrated systems which helps the management of the business operations nation wide with greater security and better performance than the previous old versions.
- The complexity of the organization operations have resulted in origination of additional management accounting techniques that were adapted in the form of automated software, that are used to produce management reports on daily, weekly, monthly and yearly basis. The examples include the Throughput costing, Activity based costing, Bench-marking techniques, etc.
- The activities automation has led to attaining of maximum efficiency possible in some areas which wasn't possible in the past. The robots management systems, activity automation, etc has increased the fixed cost share in the total cost and the variable cost has become a very minute share of the total cost of the activity. This variable cost which is often referred to as controllable cost, is very less in percentage share of total cost today than 10 years back. In the future, we will see it as a very very very small share of total cost. This makes the today's management costing techniques obsolete and requires new solutions, new techniques, new softwares, etc. to manage the companies operations.
The principles of management are scientific principles that enable managers to make organizational decisions, accomplish tasks, and achieve organizational goals.
<h3>What are the principles of management?</h3>
The principles of management enunciated by Henri Fayol enable managers to become efficient and effective include:
- Division of Work
- Discipline
- Unity of Direction
- Unity of Command
- Remuneration
- Scalar Chain
- Order
- Equity
- Initiative
- Esprit de Corps
- The Degree of Centralization
- Authority and Responsibility
- Subordination of Individual Interest
- Stability of Tenure of Personnel.
These principles of management provide guidance to managers in their decision-making and management activities.
Thus, the principles of management enable managers to make organizational decisions, accomplish tasks, and achieve organizational goals.
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Answer:
(A) market saturation
Explanation:
A franchisee starts a new franchise by entering into a franchising agreement with a franchiser to use its brand name and sell its products. The biggest challenge faced by this new franchise is market saturation.
This occurs because<u> the presence of other similar businesses, whether franchises or independently owned businesses in the market, creates lots of competition for the new franchise.</u>
Answer:Answer The business sector (b)The policy option is the fiscal policy
Explanation:
Recession can be defined as a state of economic declines in a country which in turn lead to decline in the GDP of a country as well as increase in the rate of unemployment in the country. It is a period of slow business activities in the country which can last for period of six months or a year depending on the quick response of the handlers of the economy to quickly put the situation under control. It is a period of slow growth in the economy. In a period of recession, the business sector experience lack of credit facility which arise due to the inability of the banking sector of the economy to lend to the business sector.. during these period there is a decrease in consumer spending, in the sense that, the demand for goods and services by the households will reduced drastically as a result of the reduction in the purchasing power of the people.
However, with a view to bring the economy under control, the policy option to be adopted is the fiscal policy in which the government can increase their spending on the economy, The fiscal policy also includes the reduction of the income tax as a way of increasing the purchasing power of the people. In addition, The banking sector will also be encouraged to start lending to the business sector as a way of boosting the economy and bring back the economy to the path of growth.
