Wendy claims that the right mix of hamburgers and other goods is being produced, but that they are not being produced in the least costly way. Economist assess it in the way of allocative efficiency as well as the productive efficiency.
According to Wendy, allocative efficiency is achieved because the right mix of hamburger is produced, but at the same time productive efficiency is not achieved because the production is not utilizing cheapest possible means of producing the goods.
Allocative efficiency occurs when the consumer demand is completely met by the supply. In the other words, businesses are providing the exact supply which the consumers want.
Allocative efficiency occurs from the producers side as well as the consumers side. This happens when the demand is fully met, and production is optimized until marginal costs = marginal revenue . It means that no more profits are made.
Productive efficiency occurs when the businesses focuses on producing a good at the lowest possible cost.
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Answer:
NO, I DO NOT AGREE
Explanation:
External environment in management are those factors that can affect business operation either directly or indirectly. these factors are classified under macro and micro factors.
the micro environment factors are PESTLE
customer, suppliers, competitor, public perception,
the macro environment factors are PESTLE
P -political
E - Economic
S -Socio cultural
T - Technological forces
L - Legal
E - Environmental factors
All these factors are important elements to be considered in the day to day activities of an Organization. PESTLE is even a analysis tools use to control and monitor the operation of the bussiness.
I believe the answer is A. Hope this helps :)
During the sales era of marketing.
Marketing is one of the major utilitarian regions of a business firm. The advancement of promoting incorporates a few periods including the straightforward exchange time, the creation time, the business time, the advertising division time, the showcasing organization time, and the relationship showcasing time.
The sales era is the time in history from 1920 to the mid-1950s, in which makers understood that the imaginative generation contraption made tremendous excess, so they expected to discover approaches to allure purchasers or to keep creation in accordance with the request.
The first law of demand states that as price increases, less quantity is demanded. This is why the demand curve slopes down to the right. Because price and quantity move in opposite directions on the demand curve, the price elasticity of demand is always negative.
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