Answer:
the fixed cost is $1.72 million
Explanation:
The computation of the fixed cost is shown below:
= Total cost - variable cost
= $3.4 million - ($4.6 million - $3.4 million) ÷ $3.4 million - $.1.2 million ÷ $2 million
= $3.4 million - 2.8 million × $0.60 million
= $1.72 million
Hence, the fixed cost is $1.72 million
Answer:
Scatter Diagram.
Explanation:
Scatter Diagrams are convenient mathematical tools to study the correlation between two random variables. As the name suggests, they are a form of a sheet of paper upon which the data points corresponding to the variables of interest, are scattered.
Answer:
The correct answer is letter "E": benchmarking.
Explanation:
Benchmarking refers to a study a company makes of the best performers of its industry in an attempt to identify their strategies so they can be compared to the ones of the firm conducting the research. The comparison aims to spot improvement areas and to adapt the good practices according to the business operations. Benchmarking should be conducted periodically by institutions that attempt to keep up to the pace of leading competitors.
<u>In </u><u>microeconomics</u><u>, the term </u><u>monopoly</u><u> is synonymous with decreasing returns of scale.</u>
When there are economies of scale in production?
As output increases, the long-run average total cost decreases. The total variable cost of creating five units of output is indicated by the Y-interval between the two curves in the diagram.
Is price and marginal cost equal?
- In economics, the practice of setting a product's price to cover the additional expense of producing an additional unit of output is known as marginal cost pricing.
- This policy limits the producer's ability to charge for each unit of a product sold to the addition to total cost attributable to materials and direct labor.
Simply put, what is microeconomics?
- Microeconomics is the study of how people, households, and businesses make decisions and distribute resources.
- It generally pertains to markets for goods and services and addresses both personal and financial concerns.
Learn more about microeconomics
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