Answer:
Paul is NOT maximizing his utility.
Explanation:
Given:
MU
= Marginal utility from DVDs = 21
MU
= Marginal utility from books = 4
P = Price of DVDS = $11
P = Price of books = $1
Under the utility maximization theory for two or more goods, utility is said to be maximized by a consumer when the ratios of the marginal utility to price per unit of each good are equal to each other. For this question, this implies that when we have:
MU / P = MU / P ………………………….. (1)
Therefore, we have:
MU / P = 21 / 11 = 1.91
MU / P = 4 / 1 = 4
Since 1.91 = MU / P < MU / P = 4, this implies that these conditions are NOT consistent with equation (1). Therefore, Paul is NOT maximizing his utility.
In order to maximize his utility, Paul should consume more DVDs and consume less books until these conditions are consistent with equation (1).
Answer:
The correct answer is the option A: True.
Explanation:
To begin with, the contracts inside the law are regulated by the Anglo-America common law that defines a contract as the agreement between two or more parties in which they establish the basis and principles of the agreement and the clauses that could cause to end the contract. Moreover, a contract is also part of the civil law and therefore that it does not implicate the public as a whole in any way due to the fact that in order to be a correct contract the parties must accept the bond between only them and nobody else.
A company employing a product development strategy would create a new product targeted to its current customers.
What is New Product Development ?
You can get the people in your division to come up with ideas for new products by following the given things mainly which revolves around reinforcing the novel ideas:
- As employees have direct contact with the customers so they have the better ideas about the customers needs and wants.
- Employees are well aware of the changing trends so they should be encourage to come up with the new and novel ideas for the new products.
- Ideas can come from any where, from any level of the organization so each and every single employee should be motivated to participate in idea generation activities.
The importance of doing customer research is to have a drive for new product development. A research can be effective in pointing out consumer trends and fads, as well as opening a direct customer communication channel that feels prestigious for having its requests valued by a company. Through concrete data of potential customers and new customers, an organization has the ability to meet the actual demand of potential customers and make possible adjustments to the production process.
Learn more about New Product Development on:
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Professional skills are career competencies that often are not taught (or acquired) as part of the coursework required to earn your masters or PhD.
