Considering the situation described above, the alternative view about why it may make sense to tolerate the existence of some monopoly firms is that "Monopolies do reduce consumers surplus by producing less and charging more than the outcomes that would occur in a competitive market, but at times it makes sense to sacrifice some efficiency.
This can be illustrated in a situation whereby certain goods or services may not be available except through the chance of earning monopoly profits. This occurs whereby a patent ensures there are incentives for research and development.
In some other cases, it is more ideal if good is produced by a monopolist rather than by multiple producers due to the large fixed costs in production; thereby, with more profits, the price of products would reduce in the long run.
Hence, in this case, it is concluded that there are situations whereby Monopoly is necessary to provide goods and services for the people in a society.
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Answer:
$1,023
Explanation:
As for the provided information, we have:
Total cost associated with JOB 806 = $682
Is it completed = Yes
Are the product sold = Yes
Now, it is provided that the selling price of products = Cost + 50% of cost
Or simply Cost 150% = Selling Price of goods
Therefore, selling price of this job = $682 150% = $1,023
Answer:
Sell before assembly, The company will be better off by $4 Per Unit
Explanation:
Calculation to determine what decision should Vaughn make
PROFIT BEFORE ASSEMBLY
Profit = Sale price - Cost price
Profit= $51 - $24
Profit= $27 Per Unit
PROFIT AFTER ASSEMBLY
First step is calculate the Cost of Assembled Product
Cost of Assembled Product =$24 + $14
Cost of Assembled Product= $38 Per Unit
Now let determine the profit
Profit = Sale price - Cost price
Profit= $61 - $38
Profit = $23 Per Unit
Now let Determine what decision should Vaughn make
Hence, the Profit by selling assembled product is LOWER than selling the Unassembled product by :
$27 Per Unit - $23 Per Unit
= $4 Per Unit
Therefore the decision that Vaughn should make is: Sell before assembly, The company will be better off by $4 Per Unit
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