A legal firm would be considered a service company because they provide legal services to clients and persons.
Answer:
$52
$ 1.33
- consumer price will increase
- consumer surplus will decrease
- import will decrease
- reduced export
- portends gloom for the general outlook for the economy
Explanation:
Given domestic demand curve, S(p) = 20p⁻⁰°⁵
the domestic supply curve S(p)= 5p⁰°⁵
world price is $7.00
using calculus to determine the changes in consumer surplus
by consumer surplus means in this case supply exceeds demand
we establish the equilibrium point where the supply and demand functions meet or are equal
solving 20p⁻⁰°⁵ = 5p⁰°⁵
20/5 = p⁰°⁵/p⁻⁰°⁵
4 = p⁰°⁵⁺⁰°⁵
4= p = q which is the quantity produced
consumer surplus = maximum price willing to pay - Actual price
= ∫⁴₀ dp dp - p* q
= ∫⁴₀20p⁻⁰°⁵ dp- 7* 4
= 20∫⁴₀p⁻⁰°⁵ dp -28
= 20/0.5 p⁰°⁵- 28
= 40 *4⁰°⁵ - 28 = $52
producer surplus = it is a measure of producer welfare. It is measured as the difference between what producers are willing and able to supply a good for and the price they actually receive
thus producer surplus = p* q - ∫⁴₀ d(s) dp
= 7 * 4 - ∫⁴₀ 5p⁰°⁵ dp
= 28 - 5 ∫⁴₀ p⁰°⁵ dp
= 28 -5 *2/3 p¹°⁵
= 28 -5 *2/3 4¹°⁵
=$ 1.33
welfare from eliminating free trade
- consumer price will increase
- consumer surplus will decrease
- import will decrease
- reduced exports
- portends gloom for the general outlook for the economy
Other variable costs per unit subtracted from total COGS per unit equals contribution margin per unit.
Variable costs are expenses that vary in relation to production output or sales.
Variable costs play an important role in determining a product's contribution margin, which is used to calculate a company's break-even or target profit level.
Variable costs are a direct input in the calculation of contribution margin, which is the number of proceeds collected after deducting variable costs from sale proceeds.
Every dollar of contribution margin goes directly toward covering fixed costs; once all fixed costs are covered, every dollar of contribution margin goes toward profit.
As a result, variable costs are a necessary item for businesses attempting to determine their break-even point.
Hence, contribution margin per unit is the answer.
Learn more about contribution margin:
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Answer:
$8,884
Explanation:
The computation of the economic profit is shown below:
= Received amount - dance earnings - insurance paid - music and licensing fees - boom box - rent and utilities
= $60,480 - $34,000 - $4,300 - $1,846 - $150 - $11,300
= $8,884
The economic profit is come from subtracting the explicit cost, implicit cost from the revenue earned and the same is reflected above
Answer: determining the best routes for product delivery.
Explanation:
Predictive analytics is designed I order to help determine the effects of changes that occurs in a business environment.
It can be used for establishing consumer credit scores, forecasting the safety of drivers, identifying the most profitable customers and also anticipating customer response to price changes.
It is not used for determining the best routes for product delivery.
