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Y_Kistochka [10]
2 years ago
13

The profit and loss system of capitalism helps entrepreneurs determine the

Business
1 answer:
mrs_skeptik [129]2 years ago
4 0

Answer:

best combination of resources to use to produce a product.

Explanation:

Capitalism also referred to as free-enterprise system or free market can be defined as a type of economy in which prices, products and services are being determined by the market rather than the government. Thus, capitalism is devoid (free) of government regulations, interference or control because the market (enterprises) are the ones who are saddled with the responsibility of determining the market forces.

Simply stated, a pure capitalism is a type of economy that is completely driven by demand and supply of goods and services.

In a society, the role of an entrepreneur is mainly focused on bringing the four (4) factors of production together and take the risks of producing output, so as to generate revenue through sales and make economic profits in the long-run.

Hence, the profit and loss system of capitalism helps entrepreneurs determine best combination of resources to use to produce a product.

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Remainder part of Question:

                                                Dena

                                 Advertising       Don't Advertise

Ron     Advertising   ($X, $400)         ($300, $425)

    Don't Advertise ($400, $100)         ($350, $Y)

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Part A. Don't Advertise" is a dominant strategy only for Ron if the value of X is below $400.

Part B. "Don't advertise" is a dominant strategy only for Dena if the value of Y is below $100.

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If Dena is desiring to opt to "Advertising", then Ron will only have more pay off in choosing "Don't advertise" if the X is below $400.

On the other hand, if Dena is desiring to opt "Don't Advertise", then Ron will only have more pay off in choosing "Don't advertise" if again X is below $400.

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This means that the "Don't advertise" is a dominant strategy only for Dena if the value of Y is below $100.

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