Why are the businesses required to keep the production costs low?

Q: Write short notes on : Importance of Micro Economics

A: Microeconomics is that the study of however folks, households, and businesses build choices and…

Q: At what level of production does the marginal cost have the least value? What is the marginal cost…

A: The marginal cost curve is the U-shaped curve.

Q: What do you think are the most important competencies you must possess in order to be successful in…

A: The best way to properly implement my chosen level approach would be to use a cost leadership…

Q: Write a synthesis about this, "The Cost of Production"

A: The process of combining a variety of material and immaterial inputs (plans, know-how) to create a…

Q: Explain Homogeneous products and give more examples

A: Homogenous product: Homogenous products or homogenous goods are those goods that are similar in…

Q: what is the economic loss

A: In economics, loss is defined as the difference between the expenses incurred and income earned. The…

Q: ince they cannot prevent others from copying their ideas. Do you agree? Discuss.

A: Since you have asked multiple question, we will solve the first question for you. If you want any…

Q: A business normally produces and sells as much as demand allows. However, sometimes is constrained…

A: The inputs required to produce a thing or service are known as factors of production, and they…

Q: "Costs do not affect the market price" is this statement right or wrong? Show your work

A: Answer: According to a prior research of price determination in the market age, production expenses…

Q: Explain the factors within the economic environment affect business?

A: Factors within economic environment that affect business are as follows 1.Market conditions It…

Q: Applying the concept of marginal costs, how would you, as a business owner, decide how much to…

A: There are basically two types of costs- fixed costs and variable costs. The variable cost refers to…

Q: It is clear that businesses operate in the short run, but do they ever operate in the long run?…

A: When a business is established the main focus of the owner is to conquer the short-run functions and…

Q: What explains the shape of the average and marginal cost curves?  Is it linked to any production…

A: Marginal cost is the measurement of change in total cost with the increment of quantity produced by…

Q: Do you think state run colleges should be free?  Who benefits from free college tuition?  Who might…

A: Public services are those services that are for the people of thr country. These services are…

Q: Classify the Costs for Manufacturing Environments?

A: The classification cost for manufacturing environments is categorized with respect to nature is…

Q: The most efficient scale of production is where at which point?

A: According to the given question In simple words we can say that scale of production basically or…

Q: What are the stages of production?

A: The production function shows the technical relationship between factor of production and final…

Q: What must an entrepreneur do to earn a profit? How do the actions of firms earning profits influence…

A: An entrepreneur should always remember that its revenue should be higher than its cost in order to…

Q: What level of output does a firm produce?

A: The quantity of products and services produced in a particular time period is referred to as output…

Q: If you have an idea of a product, a process or a service that you think will be in demand,…

A: In a market, an individual wants to operate a business with having an idea, process, and strategy…

Q: Match the Product with whether production should be centralized or decentralised Soap [ Choose ]…

A: Centralized production refers to the production process exist with upstream and decision about…

Q: Give action words that Best describe farming starting with the letter found in the word f-a-r-m.

A: F - Feed, Fertility, Fertiliser, Farmland A - Afforestation, Arable, Agrochemical R - Ranch, Reap,…

Q: What is a Business? In your own words, explain what a business is?

A: Hi! Thank you for the question As per the honor code, We’ll answer the first question since the…

Q: What is the biggest industry today.

A: An industry is known as the branch of economy that produces raw material, goods, or other services…

Q: What is the profit potential?

A: Profit potential is the difference between the expected revenue and the overall cost of the product.…

Q: Explain how a company could choose to get bigger, yet lower their average costs?

A: Average cost: It is average cost incurred for producing a good.

Q: What opportunities and challenges are likely to emerge for the agricultural industry in the long…

A: Every day, the food we eat ties us to a vast global web of farmers, dealers, food manufacturers,…

Q: Which situation represents the long run?

A: In situation (i) both the input are variable and in situation (ii) input 1 is variable and input 2…

Q: What is a marginal cost? (in detail)

A: The Marginal cost is an additional cost of producing an additional unit of an output. In other…

Q: What actions can help a firm grow?

A: Expànding the company can take a wider rànge. The CEO may develop new businesses, expand new…

Q: What is commercial

A: Commercial: - The activities which involve the exchange of goods and services are called commercial.

Q: calculate the profit at the production level.

A: Profit is the difference between Total Revenue and Total Cost. The assumption is the total cost…

Q: Businesses operate in the short run, but do they ever operate in the long run?  Explain

A: In the field of economics, it is assumed that firms work towards achieving their objective of…

Q: Smiling Cow Dairy can sell all the milk it wants for$4 a gallon, and it can rent all the robots it…

A: Since you have posted a question with multiple subparts, we will solve the first three subparts for…

Q: Goods produced on small scale have

A: Formula to calculate elasticity of supply:- ES=∆QS∆P×PQS Where; Q= Quantity supplied P= Price

Q: Recall an issue or situation indicating that production is relevant to making everyone better off.…

A: When a product is put into the manufacturing process, costs occur and various factors of production…

Q: What yardstick can a firm use to determine where it should produce?

A: To determine the level at which the firm should produce.

Q: Define Technology?

A: Technology means developing machinery and equipment from the application of scientific knowledge. In…

Q: Which area best represents the inefficiency associated with this level of production?

A: Option (b).

Q: What is the difference between Analytical and Synthetic process of production? Give examples.

A: Analytical process of production deals with parts of production. Synthetic process of production…

Q: How can the milk industry perform successfully in the future economy?

A: Milk is a important part of global food system and it is a source of income of the most rural…

Q: hat were some decisions students had to make when they decided to start a business?

A: The activities which depict making money through the production and selling of products to consumers…