The correct question should be:
Producers often work to maximize their profit and make them as large as possible. True or False
Answer: True
Explanation:
The aim of every business is to make profit. A producer is into the business of taking raw materials and processing them into finished or semi-finished goods and selling them to make profit.
C. 60
Explanation:
Producer's Surplus means the value producer derives from selling goods. For example, if producer is willing to sell the product for a price 8 but consumers are willing to pay a higher price, let's say 20, then producer achieves a surplus of 12 per unit. Let's calculate the producer's surplus -
As per question, Reservation Price (RP) =20, Price (P) =8, & Quantity (Q) =10
The formula for Producer Surplus (PS) is as follow:
PS = 1/2 (RP - P) x Q
= 1/2 (20-8) x 10 = 60
Answer:B. if transaction costs are low, private bargaining will result in an efficient solution to the problem of externalities.
Explanation:
The coarse theorem:
If there is a conflict between parties this will lead to an effecient results irrespective of who won the right to the property as long as the transaction cost related to the price negotiation is insignificant.
Why am I sending this message?
What do I hope to achieve by sending this message?
Explanation:
First and foremost, to define the intent to which the letter is sent prior to writing the business message.
Good writing allows the author to carefully think about the intent of writing, to prepare what he can say, to plan how he can communicate and to consider what the reader needs to know. It also involves reviewing and revising strategies and documents to enhance them.
Editing is an examination of a text to correct any errors. These errors could be as simple as orthography or grammar errors, or as complicated as your written flow and clarity. Many authors find the editing checklist useful when their own work is corrected.
Answer:
A. Evaluate strategic opportunities.
Explanation:
In strategic retail planning the steps begin with definition of business mission, conduct situation analysis, identify strategic opportunities, and the next stage is to evaluate the strategic opportunities.
In the evaluation stage we look at how feasible a strategic opportunity is. A choice is made between different alternatives to come up with the best choice for the business.
