Answer:
Explicit costs are the costs which requires the money to pay.
On the other hand, implicit costs refers to the benefit that is foregone by choosing some other work or doing some other activity.
Therefore,
Explicit costs are as follows:
1. Wages pays to his hired hand
2. Buys feed for his cows.
3. Gas expense that is used in truck
Implicit costs are as follows:
1. Foregone income of $27,000 from working at a dairy plant as a technician.
2. Time taken for extracting milk from all the cows.
Maidenform and its major brands have strong brand equity.
Explanation:
Brand stocks refer to the added value of a single company for the same commodity. This renders one substance better than others. Brand loyalty renders a company better or worse than other brands.
Apple: Apple's market share best example.
Brand equity includes three basic components: the understanding of customers, negative or beneficial consequences and the resultant valuation.
Name equity funds also operate in the same market or field.
In most cases, the supply curve is drawn as a slope rising upward from left to right, since product price and quantity supplied are directly related (i.e., as the price of a commodity increases in the market, the amount supplied increases). ... A change in any of these conditions will cause a shift in the supply curve.
Answer:
win based on strict liability
Explanation:
Strict liability is a liability that is imposed on party by the claimant that proves that an action occurred and the defendant is responsible for it.
This provision does not require the claimant to prove a fault by the defendant. It is mostly used when an action is considered dangerous.
In this scenario Mike was blasting some holes in rocks. This is a dangerous activity that can cause harm.
Myra who broke her legs in the explosion only needs to prove Mike was responsible for the explosion that occurred for her to win based on strict liability provision.
The increase in labor productivity leads to lower per-unit costs because workers<u> can </u><u>specialize </u><u>and the </u><u>firm </u><u>can </u><u>spread product costs</u><u> over </u><u>greater output.</u>
Labor Productivity:
- Is the number of goods produced by a single worker
- Is calculated by dividing total production by the number of workers
When labor productivity increases, it means that workers are producing more output. This results in lower costs per product because the cost of labor will remain the same yet the products are increasing.
In conclusion, increased labor productivity leads to lower costs of per unit production because the number of products would rise relative to the cost.
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