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wariber [46]
3 years ago
6

You have just been hired as a business consultant to determine what pricing policy would be appropriate to increase the total re

venue of a bakery. the first step you would take would be to
a. increase the price of every loaf of bread in the store.

b. look for ways to cut costs and increase profit for the bakery.

c. determine the price elasticity of demand for the bakery's products.

d. determine the price elasticity of supply for the bakery's products.
Business
1 answer:
vovangra [49]3 years ago
4 0

The correct answer is c. determine the price elasticity of demand for the bakery's products.

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Suppose two companies own adjacent oil fields. Under the two fields is a common pool of oil worth $60 million. For each well tha
AlekseyPX

Answer:

Each company drills two wells and experiences a profit of $22 million.

Explanation:

If each company acts independently and drills two oil wells each they will have a total of 4 wells each worth (60 million ÷ 4= $15 million.

Each company will have two oil wells which equals (2* 15 million = $30 million)

But each company incurs cost of $4 million per well. That is total cost of $8 million.

Therefore the profit for each company will be $30 million - $8 million= $22 million

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2 years ago
What are doctors paid by in the US and in the UK?
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Hope this helped you
5 0
3 years ago
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All of the following are true regarding implied agreements EXCEPT which one?
Brrunno [24]

Answer:

An implied agreement is based on a formal agreement.

Explanation:

A contract can be defined as an agreement between two or more parties (group of people) which gives rise to a mutual legal obligation or enforceable by law.

There are different types of contract in business and these includes: fixed-price contract, cost-plus contract, bilateral contract, implied contract, unilateral contract, adhesion contract, unconscionable contract, option contract, express contract, executory contract, etc.

Mutual assent is a legal term which represents an agreement by both parties to a contract. When two parties to a contract both have an understanding of the parameters, terms and conditions surrounding a contract, it ultimately implies that they are in agreement; this is generally referred to as mutual assent.

Simply stated, mutual assent connotes agreement, acceptance and consent to a contract by both parties.

An implied contract can be defined as an informal contract that exists based on an assumption or understanding between two or more parties, rather than on terms that are formally and specifically defined.

This ultimately implies that, an implied agreement is not based on a formal agreement but on assumptions or understanding between the parties involved.

4 0
2 years ago
A manufacturer of DVD players has monthly fixed costs of $9500 and variable costs of $55 per unit for one particular model. The
Alla [95]

Answer:

(a) C(x) = 9500 + 55x

(b) R(x) = 90x

(c) P(x) = 35x - 9500

(d) C(240) = $22,700

All functions are measured in $.

Explanation:

The total revenue of an entity is a function of the number of units sold and the selling price per unit. The total cost is a function of the fixed cost and the variable cost (which is also a function of the units produced/sold). Profit is a function of sales and cost.

Given that monthly;

fixed costs = $9500

variable costs = $55 per unit

Selling price  = $90 per unit

Where x is the number of units

total costs C(x) in $ = 9500 + 55x

total revenue R(x) in $ = 90x

profit P(x) in $ = 90x - (9500 + 55x)

= 35x - 9500

C(240) = 9500 + 55(240)

= $22,700

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3 years ago
Money serves a good store of value unless an economy experiences a period of rapid inflation.
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