<em>Patents protected inventors and let them profit from their inventions</em>
<em>~Luis~</em>
Answer and Explanation:
The complementary goods are those goods which are used together while on the other hand the substitute goods are those goods that are used in place of one another
Based on this, the classification is as follows
1. Complementary goods
2. Substitute goods
3. Substitute goods
The above represents the classifications
Answer:
Profit concept explanation, with example of a coaching institute.
Explanation:
The business considered is of a coaching institute.
Its revenue is the fee earned by students studying in the institute.
The cost is fixed cost of set up, variable cost on electricity, mantainence & other miscellaneous expenses.
Profit = Total Fee received from all the students - Total cost of fixed & variable factors.
Eg : Fee per student = 1000, 10 students. Fixed cost = 2000, Variable cost = 1000
Profit = 1000 (10) - 2000 - 1000
= 10000 - 3000 = 7000
