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3 years ago

Why is being a well-informed consumer important?

Business

1 answer:

zzz [600]3 years ago

7 0

Answer:

you are able to make better informed decisions

Explanation:

by being well informed on a product you are able to make decisions and see potential problems ahead of the actual problem

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g 7. Problems and Applications Q3 Gilberto loves watching Downton Abbey on his local public TV station, but he never sends any m

Helga [31]

Answer:

free rider

False

Explanation:

✓Gilberto loves watching Downton Abbey on his local public TV station, but he never sends any money to support the station during its fundraising drives. Economists would call Gilberto ?

Answer:Free rider

Free rider can be regarded as a kind of market failure, this usually take place whenever people are enjoying the public resources, as well as services expect others to pay but himself doesn't pay or there is underpay.

✓The government cannot solve the problem caused by people like Gilberto?

Answer:TRUE.

The government cannot solve the problem since, it's local public TV station. The only way government can help is to pay and sponsor the show which can be achieved by tax revenue that government is collecting from the public.

✓The private market can solve this problem by asking people to send in $1 every time they watch Downton Abbey.

Answer: FALSE

The suggested ways by which the private market can help is to add "Commercial" into the program show then make people to watch, then through that commercial money will be generated.

3 0

3 years ago

When firms exit a market, the _________, causing individual firms’ profits to _________.

Tpy6a [65]

Answer:

When firms exit a market, the short-run market supply curve shifts left, causing individual firms’ profits to increase.

Explanation:

The process of free entry and exit of firms is in a sequence as explained under-

If there is higher demand in the market of the product as compared to its supply, then each firm in the market will receive higher price for its product.
This will increase the prices of the product, enabling higher profits for each firm. This will make the industry attractive, enabling the introduction of newer firms in the market.
When the new firms enter the industry, the prices of the product in the market will drop due to higher competition, now present currently. This will lead to lowering of profits for the firms in the industry.
This will make the industry non-attractive and thereby the less competitive and less effective firms will exit the market in the short run.
This exit of firms from the industry, will lead to higher prices again due to less supply of product in the market as compared to its demand. Hence, the profits of the firms present in the industry will increase.

Thus, it can be concluded that when firms exit a market, the short-run market supply curve shifts left, causing individual firms’ profits to increase.

4 0

4 years ago

Read 2 more answers

Write short notes by Napier bone

sergey [27]

Answer:

Napier's bones is a manually-operated calculating device created by John Napier of Merchiston, Scotland for the calculation of products and quotients of numbers. The method was based on lattice multiplication, and also called 'rabdology', a word invented by Napier. Napier published his version in 1617.

3 0

3 years ago

Hyperion, inc. currently sells its latest high-speed color printer, the hyper 500, for $350. its cost of goods sold for the hype

Aleks04 [339]

Answer:

40%

Explanation:

To easy

4 0

3 years ago

Imperial Jewelers manufactures and sells a gold bracelet for $403.00. The company’s accounting system says that the unit product

AysviL [449]

Answer:

a) Financial advantage  $2,208 

b) The company should accept the special order, as it will increase its profit by $2,208

Explanation:

The relevant costs for decision to accept the special order are

I Incremental Revenue from the special order

2. incremental variable cost

3. The cost of the special tool

Unit variable cost = 143 + 90 + 8 + 7 = $240

Note that that the increase in material cost of $8 and the variable manufacturing overhead of $7 are relevant to the special order decision. Hence they are added.

And the balance of manufacturing overhead would be incurred either way. Therefore , they are not relevant for the decision

Sales revenue from special order

(22× $361.00) 7942

Variable cost of special order

(22× $240 ) (5280 )

Cost of special tool (454)

Financial advantage  2,208 

The company should accept the special order, as it will increase its profit by $2,208

3 0

3 years ago