This is an example of <u>Corner Solution.</u>
- A corner solution is a unique answer to the agent maximisation problem when one of the inputs in the maximised function has a quantity of zero. In layman's words, a corner solution occurs when the chooser is unable or unwilling to make a trade-off between several options.
<h3><u>In consumer theory, what do we mean by "corner solutions"?</u></h3>
- A corner solution is one in which none of the goods are present in the ideal bundle. 49 / 70. Consumer choice restrictions. The indifference curve is to the budget constraint at the best bundle if there is an inside solution.
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Answer:
Explanation:
To run a business you firstly need investors or shareholders to help or run your business with you. They should have experience as running a business is tricky and can collapse within weeks. You also need large amounts of money to promote nad hire staff etc. You should also have an idea of what you want it to be like and what growth routes it should take. Make sure you have a target market to promote your ideas to. But make sure it is all realistic as silly ideas can be very costly.
Answer:
would be considered collusion.
Explanation:
Collusion refers to an illegal agreement between two or more businesses that decide to cooperate together by setting prices or production quotas. This businesses should naturally compete against each other, not team up to charge higher fees. Collusion is illegal because it leads to unfair market advantages because they negatively affect competition.
Answer:
The correct answer is Time Utility.
Explanation:
The utility of time tells us that the products acquire greater value if they are available when the consumer desires them. It is one of the four utilities in Business Marketing next to the utility of place, utility of form and utility of possession.
The usefulness of time is achieved by ensuring that the products and services are available, on time and that they meet the needs of the client. To ensure this utility, companies must have effective and efficient logistics, where all quality systems, especially Just in Time, play a very important role.
This system develops the supply chain efficiently, and ensures that products are not only delivered on time but delivered just when they are needed saving costs to the customer.
Answer:
D) Sell - because differential income is $1,500 if Bulls sells rather than leases
Explanation:
Differential revenues and costs equal the difference in revenues or costs resulting from choosing one alternative course of action. This concept is very similar to opportunity costs analysis, since it compares what would happen if one decision is taken versus taking another alternative decision.
If Bull sells the machine, they will receive = $90,000 - 5% = $85,500
If Bulls lease the machine, they will receive = ($24,000 - $3,000) x 4 years = $84,000
Differential revenue = $85,500 - $84,000 = $1,500