Part of the criteria to achieve the socially efficient production level is for firms to only produce units of output that are more highly valued by consumers than that of the associated productive costs.
<h3>
Definition of efficient production</h3>
An economic term known as production efficiency refers to the point at which an economy or other entity can no longer produce more of one good without reducing the production of another. This occurs when it is claimed that production is taking place along a production possibility frontier (PPF).
Productive efficiency is another name for production efficiency. Similar to productivity, productive efficiency denotes that something is working to its full potential.
In general, the term "economic production efficiency" refers to a level of maximum capacity when all resources are being used to their fullest extent in order to produce the most cost-effective product feasible.
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The decision of the firm to purchase a fleet of climate controlled trucks for distribution of its product is an example of ·Differentiation strategy.
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What is a Differentiation strategy?</h3>
A differentiation strategy is a strategy adopted that make the offered goods or services more unique compared to their competitors.
In conclusion, majority of firms use the differentiation strategy to the differentiate between their products and the competitors.
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Answer:
PV = $188,653.22
Explanation:
Given the following information, firstly we need to calculate present value of cash flow for the last 9 years. The present value of cash flow therefore
PVA2= $1,800 {[1 – 1 / (1 + 0.10 / 12)^108] / (0.10 / 12)}
PVA2= $127,852.84
Thus, present value of Cashflow today
PV = $127,852.84 / [1 + (0.08 / 12)]^84+ $1,800{[1 – 1 / (1 + 0.08 / 12)^84] / (0.08 / 12)}
PV = $188,653.22
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