Answer:
$8 million
Explanation:
Value added by a farmer to the production of corn = $3 million
Total value added by the Big flakes cereal company:
= Total production of corn - Total amount of corn purchased from a farmer
= $8 million - $3 million
= $5 million
GDP refers to the amount of output produced in a country with a given period of time.
Therefore, the GDP of this country in 2014 is calculated as follows:
= Value added by a farmer to the production of corn + Total value added by the Big flakes cereal company
= $3 million + $5 million
= $8 million
Answer:
P = 3q^2 - 8q + 60 for prices above $56
Explanation:
The firm's short run supply curve is the portion of its marginal cost curve. The firm's marginal cost of production is the change in its total cost of production from producing one additional unit. The firm's short run supply curve lies above its average variable cost curve. If the price in market rises the firm will sell more products. The short run supply curve is upward sloping because quantity supplied increases when the prices are increased.
Answer:
A. Entrepreneurship
Explanation:
A command economy is a form of economic system in which the government decides the method of production, price of the goods, and the sale of the goods in the market. It is the opposite of the free market economy. Such type of economy is found in the communist society where the government plays the role of the supreme authority. All the economic activities are controlled by the government while the means of production can be owned by the public.