Answer and Explanation:
A consumer surplus is the gain a consumer makes by paying less than he is willing to pay for a product. Example if a consumer is willing to pay $300 for a mobile phone but pay $200 for the phone, the consumer surplus is $100
Given that the demand function is P=60-Q
And price is 30
Therefore consumer surplus is, substitute 30 in p
30=60-Q
30-60=-Q
-30=-Q
Q=-30/-1
Q=30
Therefore consumer surplus = 30
The answer is B. monopolistic competition
Answer:Annual fixed expenses = $ 539,000
Explanation:
Given;
break even point on books sold= $49,000
sales price per unit = $39
variable cost= $28
Using the formulae,
Break-Even point (units) = Fixed Costs ÷ (Sales price per unit – Variable costs per unit) or in sales
49,000 =Fixed cost / ( 39-28)
Fixed cost = 49,000 x 11
= $ 539,000
Annual fixed expenses = $ 539,000
<u>Explanation:</u>
Conceptual skills are the skills which are utilized by the manager of an organization to see the organization as a whole entity which has interrelated functions. Managers should know the organizational environment and the way the organization adapts itself into it.
Creative thinking and decision making skills are appropriate for successful managers and with conceptual skills they have the capability for this. The complicated situations in the organization can be handled with innovative approach if the managers possess conceptual skills.