The profit-maximizing price and combined quantity of output is indicated in the demand curve by using a black point (plus symbol).
<h3>What is a cartel?</h3>
A cartel can be defined as a formal agreement between two or more business firms (producers) of a particular product or service, that's formed to control production, sales and pricing in an oligopolistic industry.
At equilibrium in a cartel, marginal revenue is equal to marginal cost (MR = MC). Thus, the profit-maximizing price and combined quantity of output should be calculated from the demand curve as illustrated in the image attached below.
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<u>Complete Question:</u>
Mays and McCovey are beer-brewing companies that operate in a duopoly (two-firm oligopoly). The daily marginal cost (MC) of producing a can of beer is constant and equals $0.40 per can. Assume that neither firm had any startup costs, so marginal cost equals average total cost (ATC) for each firm.
Suppose that Mays and McCovey form a cartel, and the firms divide the output evenly. (Note: This is only for convenience; nothing in this model requires that the two companies must equally share the output.)
Place the black point (plus symbol) on the following graph to indicate the profit-maximizing price and combined quantity of output if Mays and McCovey choose to work together.
Answer:
C) By lowering the price of the flower arrangements to increase demand.
Explanation:
According to the law of demand, the lower the prices, the higher the quantity demanded and the higher the price ,the lower the quantity demanded.
When prices are reduced, demand increases, revenue increases and net profit increases.
I hope my answer helps you.
Answer:
undergo basic food-safety training
Explanation:
The California Food Handler Card law demands that every restaurant employee be trained on food safety practices to eradicate or minimize the possibilities of transmitting diseases. The law requires a reasonable level of training to ensure conformity with best practices in food handling.
Each restaurant must maintain records showing each employee is trained and possesses a valid California Food Handler Card. The card should be availed on request by the local enforcement officials upon request.
Answer:
Ricardo should specialize in the production of computer because it has a lower opportunity cost.
Smith should specialize in the production of smart phone because of the lower opportunity cost.
Explanation:
The opportunity cost for Smith to produce 1 computer is 4 smartphone(s).
1:4
The opportunity cost for Ricardo to produce 1 computer is 2 smartphone(s).
1:2
The opportunity cost for Smith to produce 1 smartphone is 1/4 of a computer(s).
1:1/4
The opportunity cost for Ricardo to produce 1 smartphone is 1/2of a computer(s).
1:1/2
Ricardo should specialize in the production of computer because it has a lower opportunity cost.
Smith should specialize in the production of smart phone because of the lower opportunity cost.
<span>Tim has introduced an opportunity for error. If Tim had sent her a list, there would be little to no possibility for her to make a mistake, while leaving an easy to read paper trail. If the supplies come in different from the requested order, it will be impossible to verify who made the mistake.</span>
