<span>Experience teaches the things which a book can not teach. Thus, having extra work experience gives an edge to the person with higher experience with person with lesser experience. Lawrence's experience is more than his younger employees hence he knows various aspects of his work profile than the youngsters.</span>
Answer:
Georgeland has an absolute but not a comparative advantage in producing clothing.
Explanation:
Absolute advantage is defined as the ability of a firm to produce higher amounts of a product as a result of use of the same resources with other competitors. It is usually bad a result of more efficient production process.
Comparative advantage is the ability of a firm to produce goods at a lower opportunity cost. Therefore they are able to sell at lower price compared to competitors.
Georgeland can produce 18 units of clothe per year while Alland can produce 16 units per year, so Georgeland has absolute advantage.
In producing clothes Georgeland has opportunity cost of 36 units of food which is higher than that of Alland which is 32 units of food. So Georgeland does not have comparative advantage in producing clothes.
Answer:
The correct answer is option B.
Explanation:
A monopolistic firm is characterized by a large number of buyers and sellers in the market producing differentiated products which are close substitutes, there are relatively easier entry and exit in the market.
In the given question, Teen Angle Hardware is looking for a niche or a slightly differentiated product to sell to teenagers. But is able to earn only a normal profit because there is a large number of firms in the market. And new firms can enter the market in the long run. So, this firm is an example of a monopolistic firm.
Answer:
Employees attitude to customers (Customer Relationship) and the quality of the food are the two most important trends that would bring about an increase in sales.
Explanation:
The first instrument of effective sales is an establish relationship. If a customers visits a restaurant to buy food and does not feel welcomed, the tendency to return back another time is very slim. Hnece, taking the scenerio in questions,the employees do not have the right attitude for keepiing their customers loyal to their product irrespective of whether the product is good or bad.
On the other hand, the reason for visiting a restaurant is to eat good food and not bad. So, when the quality of food cooked by the restaurant does not meet the taste and quality expected by the customer, the possibility of having such customer come around again is low. This invariably implies loosing the customer and the chain of connections such customer would have brought to the restaurant.
In summary, having the right employees with good customer relationship and chefs with good food recipes and quality is likely to result in the restaurant experiencing an increase in sales
Answer:
1. 20 units
2. $600
Explanation:
1. 
MC = 4q
Price, P = $80
For maximizing profits,
Marginal cost = Price of the commodity
4q = 80
q = 20 units
= 200 + 800
= 1,000
2. Profit = Total revenue - Total cost
= (Price × Quantity) - TC
= (80 × 20) - $1,000
= $1,600 - $1,000
= $600
3. We know that the firm in the short run will be produce at a point where total revenue is greater than the total variable cost
Average variable cost = variable cost ÷ quantity
= 2Q
MC = 4Q
Here, MC is greater than AVC at any given point.
so in the short run firm will producing short run positive profit.
