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Dominik [7]
3 years ago
6

Problems and Applications Q11 You are the curator of a museum. The museum is running short of funds, so you decide to increase r

evenue. When should you raise the admission price in order to increase revenue
Business
1 answer:
statuscvo [17]3 years ago
7 0

Answer: Only when demand is inelastic

Explanation:

For a product that has an inelastic demand, the demand of a buyer with regards to a product has minimal changes when when there is a change in price. In such case, an increase in the price will lead to an increase in revenue.

On the other hand, for a product that has an elastic demand, there will be a greater change in the demand of the buyer when when there is a change in price. In such case, an inrease in the price will lead to an reduction in revenue as buyers will go for other products.

Therefore, the admission price should be increased when demand is inelastic in order to increase revenue.

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A conceptualization the firm as an "activity system" is a means of depicting: A. The extent to which a management is motivated t
tia_tia [17]

Answer:

D. Consistency among a firm’s activities.

Explanation:

Conceptualisation is the process by which an enterpreneur writes out concepts that will later make up the basis of the business model.

These concepts ensures uniformity in the activities of the business.

For example he can decide to break down business activities into 3 departments.

4 0
3 years ago
In 1971, under president richard nixon, the federal government passed legislation that "froze" wages and the prices of consumer
kicyunya [14]

The idea behind Nixon's decision to "freeze" wages and prices was inflation affects wages and prices, so freezing those would halt inflation.

When the total demand (AD) exceeds the total supply (AS) of a given item or service in the market, this is referred to as inflation.

As a result, the cost of those goods and services rises. This occurs as a result of people having money, either through high government spending or from high incomes or low loan rates.

Nixon thus decides to maintain a specific level of prices and salaries in order to freeze employment. As a result, the population's purchasing power will be constrained, and prices will eventually balance out.

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4 0
2 years ago
Read 2 more answers
A financial services firm decided to assess the return on its social investment in an educational program in local schools. As p
zepelin [54]

Answer: value creation

Explanation: In simple words, value creation refers to the process in which an organisation assess its results of any activity or an operation dun, to assess whether the expected results are achieved for improvement or not.

Value creation is done by the organisation to gain better results in their overall operation for a long time. This process can be done by any organisation for any subject like improving technical skills, administrative skills or for knowledge improvement etc.

Hence from the above we can conclude that the correct option is D.

6 0
4 years ago
What does a budget account for primarily??
madreJ [45]
<span>The Government uses the budget system to determine the allocation of resources among its major functions such as ensuring the national defense, promoting commerce, and providing health care as well as to determine the objectives and scope of individual programs, projects, and activities. I guess that is what youre asking for?</span>
6 0
4 years ago
Companies create a division of labor among employees in order to: 0 a. allow each employee to perform one task at a high level.
sergejj [24]

Companies create a division of labor among employees in order to allow each employee to perform one task at a high level

<h3>What is division of labor?</h3>

It involves Sharing of duties or job among individuals or employee.

An employee is allowed to handle a particular task for efficiency.

Therefore, Companies create a division of labor among employees in order to allow each employee to perform one task at a high level

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3 0
2 years ago
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