GATT is a very common term in business. One of the global institutions that emerged over the past 75 years is GATT which stands for the General Agreement on Tariffs and Trade.
<h3>What is the meaning of GATT?</h3>
The word simply means General Agreement on Tariffs and Trade. This General Agreement is known to covers international trade in goods.
They are involved in Trade negotiations. The WTO is regarded as the successor to the General Agreement on Tariffs and Trade (GATT) set up after the Second World War.
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Answer:
Stella should consume less of milk and more of cookies to maximize total utility.
Explanation:
The price of cookies is $9, and the price of milk is $3.
Stella consumes 10 cookies and 5 cartons of milk.
The marginal utility of 10th cookie is 50 utils and the marginal utility of 5th carton of milk is 25 utils.
Her total utility will be maximized if the ratio of marginal utility and price will be equal for both cookies and milk.
Ratio for cookies
= 
= 
= 5.55
Ratio for milk
= 
= 
= 8.33
Since the ratio is higher for milk, it means that Stella should consume less of milk and more of cookies to maximize total utility.
Answer:
The correct answer to the following question is option A) satisfy a requirement in addressing a risk .
Explanation:
The reason why management is implementing controls is to mitigate the risk in the newly developed system, that is why management should select that control which primarily mitigate the risk, which have been identified by the management. While designing a control, it would be necessary to consider all the aspects given in the question for a control to be best but in reality it might not be possible.
Answer:
In particular, Apple demonstrated the following best practices, as identified in the article:
Identifying multiple suppliers for key components. ...
Refusing to ship potentially faulty products to customers. ...
Taking online orders initially. ...
Considering adding additional assemblers to meet pent up demand.
The utility is not maximized since the marginal utility gained from the fifth sandwich is greater.
In economics, utility refers to the entire satisfaction or benefit gained from consuming an item or service. Consumer utility maximization is commonly assumed in the economic theories based on the rational choice.
In economics, the marginal utility is the additional satisfaction (utility) that a buyer receives by purchasing an additional unit of the product or the service. It computes utility once the first product is consumed (the marginal amount).
Therefore, the utility is not maximized , from the fifth sandwich onwards the marginal utility is more.
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