System revolving around the production, distribution, and consumption of goods and services.
An economic system encompasses all of the production, distribution, and consumption within a society of goods and services. This definition is the most inclusive and holistic, whereas the other definitions describe part of an economic system, or another aspect of our socio-political and economic structures.
The answer is 52500 for 25% from 42000 = 10500 so 42000+10500=52500
Answer: Primary activities of reporting entity.
Explanation: Operational income is money gotten from sales of products that are the main product a company produces. Such as regular sales of commodities produced.
Non-operational income is money earned by a firm from seasonal sales, or sales made once in a while.
The difference between both of them is activity involved whether it is regular or occasional in nature.
Answer:
Firm should be shut down in short run
Explanation:
We have given price of output = $15
Total economic cost = $650000
Total number of units for maximizing profit level = 40000
So average economic cost
As the average economic cost is greater than price of the output
So firm should be shut down in short run
Answer will be firm should be shut down in short run