Answer:
The main function of a business is to add value to the customers they have chosen to serve.
A business simply satisfies a need or want of people and tries to make something convenient and easy for them.
The more a business understand the requirements, needs and wants of their customers, the more they add value and the more they will remain a successfully company.
Explanation:
Answer: Invitees.
Explanation:
Stan the property agent and Paula the potential buyer are invitees to Chelsea's property. An invitee is a person or group of people invited to the property of an individual for the purpose of a business transaction or a public visit.
Answer:
-0.136 and $528
Explanation:
Given that
p = 50 - 0.5Q
where,
Q = 88
So, p equals to
= 50 - 0.5 × 88
= 50 - 44
= $6
As it is mentioned that
p = 50 - 0.5Q
0.5Q = 50 - p
Q = 100 - 2p
And we know that
Price elasticity of demand is
= Percentage Change in quantity demanded ÷ Percentage Change in price
So,
= -2 × (6 ÷ 88)
= -0.136
And, the revenue is
= Price × Quantity
= $6 × 88
= $528
Answer: Option (C) is correct.
Explanation:
A country has a comparative advantage in producing a commodity if the opportunity cost of producing that good is lesser in that country as compared to the other country.
From the information given in the question, it is clear that Alphaland has a comparative advantage in axes and Betaville has a comparative advantage in batons.
Hence, Alphaland will trade axes for batons only if the price of batons is lower than the cost of producing it in Alphaland. So that there is a possibility mutually beneficial trade.
