Answer:
a) Head sets - perfect competition
b) Smart phones - monopolistic competition
c) Cellular telephone service - oligopoly
d) Cell phone applications - monopolistic competition
Explanation:
The following definitions explain the categorisation of competition:
- Perfect competition is when many firms sell similar products, no firm or buyer has control of market price. The barriers to entry are low. This is characterised by headsets
- The market for smart phones is monopolistic competition because advertisement is used to create product differentiation with the aim of gaining better market control
- Oligopoly is characterised by few firms controlling the market and keeping each other from dominating the market. This is they type of competition for cellular telephone service.
- Monopolistic competition is one where many firms produce dirlfferentiated products that are not substitutes. This is shown in market for cell phone applications
Answer:
metro area in the north
Explanation:
more business and big cities like new york (just an example)
Answer:
A decision support system (DSS)
Explanation:
Decision support system is a system that enables managers to access huge amounts of data, and also the processing power those data to useful information. By developing a system that gives its managers access to large amounts of data and the processing power to convert the data into high-quality information quickly and efficiently, Cognizance has developed a Decision support system. The system helps managers of organizations with decision making by analyzing those large chunk of business data and bringing out high quality information that is useful.
Answer:
The productivity increased from 0.89 carts pwe worker per hour to 0.93 arts per worker per hour.
Explanation:
5 worked make 80 carts per hour
Worker receive $10 dollar per hour = $50 dollars wages epxense
Machine cost $40 dollar per hour
A worked is crow-out from factory and the equipment cost increased by $10
The total cost still is $90 dollars but the output now is 84 carts
Labor Productivity (before purchase of new equipment)
80 carts
(5 wkrs .∗$ 10 per hr .)+$ 40
= 0.89 carts per worker per hour
Labor Productivity (after purchase of new equipment)
84 carts
(4 wkrs .∗$ 10 per hr .)+$ 50
= 0.93 carts per worker per hour
<u>Question missing:</u>
Compute labor productivity under each system (before and after the purchase of new equipment). <u>Use carts per worker per hour</u> as the measure of labor productivity.
Answer:
This concept is called the opportunity cost.
Explanation:
The opportunity cost of any economic decision is the cost of giving up or sacrificing its alternative. We are aware that resources are limited and have alternative uses. We have to use these resources to satisfy unlimited wants and needs.
If we use resources for one purpose it cannot be used for another. So we have to make a decision on how to spend the resources, on which alternative use. If we select one alternative, we need to give up another. The cost incurred on sacrificing or giving up the other alternative is the opportunity cost of using the resource for the first alternative.
