According to the law of demand, demand will decrease as a product's price rises and vice versa if its supply is increased.
Describe the law of demand.Under the assumption that all other demand-affecting variables remain constant, the law of demand states that there is an inverse relationship between a commodity's price and the quantity demanded. This implies that demand for a good increases when its price decreases, and demand decreases when its price increases.
What are the antecedents of the legal requirements?The Law of Demand makes the following assumptions: The prices of the related commodities remain constant. The consumer's income does not fluctuate. Consumer preferences and tastes remain constant.
Simply put, the rule of demand states that customers would prefer fewer units of a good at a higher price, and vice versa, if all other factors were equal. The law of demand applies to a wide range of organizational and business situations. Price setting and creating government policy are two examples.
What are the presumptions and exceptions to the rule of demand?Alfred Marshall initially described the Law of Demand in his theory of the market economy. The cost of supplementary goods is unaffected. The tastes and preferences of the customers remain unchanged. The three exceptions to the law of demand are the three Giffen goods, the Veblen effect, and income changes.
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Hansel and Gretel used a pebble to mark every 10 steps as they walked along the path. How many steps have they taken when they get to the last pebble on this part of the path? __________Use numbers or words to explair how you know
In linear equation 170 steps have they taken when they get to the last pebble on this part of the path.
What in mathematics is a linear equation?
A linear equation is a first-order (linear) term plus a constant in the algebraic form y=mx+b, where m is the slope and b is the y-intercept.
Sometimes, the aforementioned is referred to as a "linear equation of two variables," where x and y are the variables.
Hansel and Gretel used pebble to mark every 10 steps as they walked along the path.
Thus, 1 pebble = 10 steps
Hansel and Gretel have 17 pebbles
Number of steps they have taken = 17 × 10 = 170 steps
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What is the Scrum Master's role during the daily scrum choose the best answer?
The Scrum master educates the team on how to adhere to the project's scope and goal as well as the Scrum methods and team rules.
What is a Scrum Master?The scrum master helps the team streamline and improve the ways in which they carry out their goals.
Ideally, they take on the role of a team member or collaborator as opposed to a leader.
The best scrum teams don't respond well to top-down management since they are self-organizing.
The Scrum master teaches team members how to follow Scrum processes and team rules as well as the scope and vision of a project.
Because there are no hierarchies in Scrum teams, the Scrum master functions through persuasion and influence rather than through traditional people management accountability.
Therefore, the Scrum master educates the team on how to adhere to the project's scope and goal as well as the Scrum methods and team rules.
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Correct question:
What is the Scrum Master's role during the daily scrum?
Corey collected 4 pounds of newspaper on day 1. Each day after day 1, he collected 4 times the amount he had collected the previous day. On which day did he first collect over 1000 pounds of newspaper?.
According to the given statement On the 5th day he collected over 1000 pound.
How is data collected in a business?Considerable identifies three methods for gathering consumer data: personally questioning clients, following them through indirect means, and collecting information from additional sources to your current client database. "All three are necessary for a solid company plan." Businesses is skilled at gathering data of different forms from practically anywhere. The process of acquiring and analyzing information on relevant variables is known as data collection.
Calculation :Let s be the first day
He collected4×4^s-1
1000= 4×4^s-1
Divide both sides by 4
250=4^s-1
4^s-1/4 = 250
4s=1000
s×log4 =log1000
s=3/(log4)
s=4.98 approximately 5.
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Which of the following presents an effective technique to improve cash management? :A) Speed up cash payments and slow down cash collections. B) Speed up cash collections and slow down cash payments. C) Speed up both collections and payments of cash. D) Slow down both the payment and collections of cash.
Speeding up both collections and payments of cash presents an effective technique to improve cash management.
Offering incentives for early payments, leasing rather than purchasing, increasing inventory, checking consumer credit, and employing high-interest savings accounts are all ways for a firm to enhance cash flow. Think about invoice factoring.
Through invoice factoring, firms can release available cash by "selling" an unpaid invoice to a different business. Make a statement of cash flow and review it every month, Establish a cash flow history, predict your cash flow requirements, Manage your growth, and put ideas for improving cash flow into practice.
Controlling cash flow and managing the company's operations financially, efficiently, and effectively are made possible by good cash management. By doing this, the company can lessen business disruptions, run smoothly and effectively, and secure its long-term development and viability.
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What do you mean by monetarist approach to inflation?
According to monetarists, inflation is entirely a monetary phenomenon that can only be caused by increasing the money supply faster than the rate of increase in capacity output.
Briefing:-The actual rate of inflation is therefore thought to reflect both the current and historical rates of monetary growth at any given time.
A monetarist strategy is what?Few people would contest that it is important to the economy. However, one school of economic thought, known as monetarism, contends that the primary determinant of both price level and short-term current dollar GDP is the money supply, or the total amount of money in an economy.
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Why is Excel hard to learn?
Excel has its own computer language, Visible Basic for Applications , which is used to develop macros, or before automation systems that do a single function or a series of related tasks. Even tech savvy professionals may find Excel challenging.
Does Excel suffice to get a job?One of the most in demand talents for employment across numerous industries is MS Excel. A certificate in Excel will provide you with a wealth of opportunities. Anyone who is an expert in Microsoft Excel is always in demand because it can be used in many different corporate situations, from program management to human resources.
Does Excel make programming look simple?It does have some benefits over programming languages, as Alyssa pointed out. Manual data entry is frequently used with graphical user interfaces because Looking at an Excel file can indeed be quicker and simpler than performing the same thing with code if you simply want to quickly browse through a spreadsheet.
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What are the three rules of Scrum Master in Agile?
Basic Scrum Rules
There are no Breaks Between Sprints. Every Sprint is the Same Length. The Intention of Every Sprint is “Potentially Shippable” Software.
What is the rule of Scrum Master?A Scrum master is both a facilitator and instruct who helps the Scrum group and broader organization apprehend and follow Scrum idea and practice. The Scrum master helps the Scrum team work more effectively by using skillfully eliminating limitations and distractions that may additionally impede the group from assembly goals.
A team's success with scrum relies upon on five values: commitment, courage, focus, openness, and respect.
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https://brainly.com/question/30089880#SPJ4Kramer, CPA, consulted an independent appraiser regarding the valuation of fine art for a not-for-profit museum. Consultation with the appraiser in this case would
Kramer, CPA, consulted an independent appraiser regarding the valuation of fine art for a not-for-profit museum. Consultation with the appraiser in this case would be considered as exercising proper due care.
Fine art is distinguished from applied art or decorative art, which also must fulfil some practical use, such as ceramics or the majority of metalwork, in the academic traditions of Europe, by the fact that it is created largely for aesthetics or creative expression.
The finest art, according to the aesthetic ideals established during the Italian Renaissance, was that which permitted the artist's imagination to be fully expressed and shown without being constrained by any of the practical concerns involved in, example, creating and adorning a teapot.
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Regarding the fine art assessment for a not-for-profit museum, Kramer, CPA, sought an impartial appraiser. In this situation, speaking with the appraiser would be regarded as taking proper care.
In the academic traditions of Europe, fine art is separated from applied art or decorative art, which also must serve some practical use, such as ceramics or the bulk of metalwork, by the fact that it is produced primarily for aesthetics or creative expression.
The best art was that which allowed the artist's imagination to be fully expressed and shown without being constrained by any of the practical considerations involved in, for example, creating and adorning a teapot. This was in accordance with the aesthetic ideals established during the Italian Renaissance.
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Which of the following is not a role of the risk assessment in an integrated audit of a nonissuer?A. Concluding on the effectiveness of a given controlB. Selecting controls to testC. Determining significant accounts and relevant assertionsD. Determining evidence necessary to conclude on the effectiveness of a given control
Concluding on the effectiveness of a given control is not a role of the risk assessment in an integrated audit of a nonissuer.
Risk assessment is the process of identifying, evaluating, and prioritizing potential risks to an organization. In an integrated audit of a non-issuer, risk assessment is used to identify and evaluate potential risks to the financial statements. This includes assessing the likelihood and potential impact of risks, as well as evaluating the organization's controls in place to mitigate those risks. The outcome of the risk assessment process is used to determine the audit procedures necessary to provide reasonable assurance that the financial statements are free of material misstatement. This is done by selecting controls to test, determining significant accounts and relevant assertions and determining evidence necessary to conclude on the effectiveness of a given control.
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An unqualified auditors' opinion about an entity's financial statements:
is a clean bill of health.
means that all of the entity's transactions during the audited period were checked out.
guarantees that the entity was not involved in or the victim of any fraudulent activities during the audited period.
states that they are presented in conformance with U.S. generally accepted accounting principles.
An unqualified auditors' opinion about an entity's financial statements: states that they are presented in conformance with U.S. generally accepted accounting principles.
An auditor is the person whose role in an entity is to supervise and keep the accounts of the entity verified. The individual maintains the accuracy of the accounts in accordance with the laws of the country. Auditor can be a single person or a whole firm can be appointed for this.
Accounting principles are the set rules and guidelines provided by the law of any country that needs to be accepted by each and every organization of that country.
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What is the most important data visualization technique that can be used?
The most important data visualization technique is to create a data dashboard.
The graphical representation of information and data is known as data visualization. Data visualization is an effective way to communicate a message because it can help people understand complex data.
A data dashboard is a visual display of the most important data that is being tracked. This can help to quickly assess the current state of the data and identify any trends.
Follow the following steps to create a data dashboard:
Collect the data that you want to visualizeChoose the appropriate type of graph or chart to represent the dataCreate the graph or chartInterpret the dataAdjust the graph or chart as neededFor more questions like Data visualization click the link below:
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All of the following income items are federally taxable EXCEPT:O A $16,000 distribution from a public pension plan.O Income in the amount of $12,000 from an illegal activity.O A wedding gift from a non-relative in the amount of $10,000.O Interest on a certificate of deposit in the amount of $550.
All of the following income items are federally taxable except interest on a certificate of deposit in the amount of $550.
What is considered taxable income under federal law?
Your salary, dividends, capital gains, company revenue, retirement pay-outs, and other sources of income are all included in your gross income. Adjustments to income can be made for things like tuition costs, interest on student loans, alimony payments, or contributions to retirement accounts.
What 5 expenses are covered by federal taxes?
The other expenditures go toward funding public education, building essential infrastructure like roads, bridges, and airports, caring for farms, the environment, and scientific and medical research, as well as other fundamental responsibilities of the federal government.
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What is payment from employer to employee called?
The payment from an employer to an employee is called wages or salary.
Wages and salary are terms that are often used interchangeably to refer to payments made by employers to employees. Wages are typically used to refer to payments made to hourly employees, while salary is usually used to refer to payments made to salaried professionals.
Wages are usually based on the number of hours that the employee has worked, while salary is usually a fixed amount that is paid regardless of the number of hours worked.
Wages are usually paid on an hourly basis and are generally lower than salaries, while salaries are usually paid on a monthly or yearly basis and are usually higher than wages.
Both wages and salaries are usually subject to deductions such as payroll taxes, health insurance, and other benefits. Employers must also adhere to any applicable minimum wage laws when paying their employees.
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the official title for the proposed budget submitted to congress by the president
The official title of the proposed budget submitted to Congress by the President is the President's Budget Proposal.
What is budget?A budget is a plan for how to allocate financial resources over a defined period of time. It typically involves specifying the amount of money to be spent on specific items, such as rent, utilities, food, and entertainment. Creating a budget can help individuals and families manage their finances more effectively, as it allows them to plan ahead and save money. It also allows people to track their spending, ensuring they are living within their means and not overspending. Additionally, a budget can help individuals and families identify areas where they can cut back, allowing them to save more money and reduce their debt.
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What is the major problem with balloon payments?
A balloon payment is a large, lump-sum payment that is due at the end of a loan's repayment term
The major problem with balloon payments is that they can create affordability issues for the borrower. Balloon payments are typically a large lump sum payment that is due at the end of the loan term, which can be difficult for the borrower to budget for and save up for. Additionally, borrowers may not have the option to refinance the loan, which can lead to the borrower being unable to make the payment, resulting in the loss of their home or collateral. This could also lead to a default on the loan, potentially damaging the borrower's credit score.
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A balloon payment is a big lump sum that must be made at the conclusion of a loan's repayment term.
What are the drawbacks of balloon payments?The main concern with balloon payments is that they may make them unaffordable for the borrower. Balloon payments are often a sizable lump sum payment due at the conclusion of the loan term, which can be challenging for the borrower to budget for and save up for. Additionally, borrowers might not have the opportunity to refinance the loan, which could result in them being unable to make payments and losing their home or other assets. This can result in a loan default as well, which might lower the borrower's credit rating.
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1. Which of the following is a proportion?
Birth rate
Rate ratio
Infant mortality rate
Point prevalence
Use the following choices for Questions 2–4 (you may select more than one)
Ratio
Proportion
Incidence proportion
Mortality rate
# women in Country A who died from lung cancer in 2004
# women in Country A who died from cancer in 2004
# women in Country A who died from lung cancer in 2004
# women in Country A who died from breast cancer in 2004
# women in Country A who died from lung cancer in 2004
estimated # women living in Country A on July 1, 2004
5. All proportions are ratios, but not all ratios are proportions
A. True
B. False
6. What is the following fraction? (you may select more than one)
Number of children < 365 days of age who died in Country A in 2004
Number of live births in Country A in 2004
Choose from:
Ratio
Proportion
Incidence proportion
Mortality rate
Infant mortality rate of the following is a proportion.
Infant mortality is the term used to describe the death of infants under the age of one. Infant mortality rate (IMR) is used to calculate this number of deaths. This is the probability of neonatal death per 1,000 live births. Infant mortality, often referred to as infant mortality, is a significant figure because infant mortality only considers children under the age of one.
Asphyxia during labor, pneumonia, birth defects, full-term birth difficulties including abnormal fetal symptoms and prolonged labor, neonatal infections, diarrhea, malaria, measles and malnutrition are other major causes of infant mortality. Part of the cause.
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What is the best explanation of monetary policy?
Monetary policy is the process by which a central bank controls the supply of money and credit in an economy in order to achieve certain economic targets such as price stability and full employment.
Monetary policy is typically implemented by setting a target for a certain economic indicator, such as the inflation rate or the interest rate, and adjusting the money supply accordingly.
For example, if the central bank wishes to increase the money supply and stimulate economic activity, it will lower the interest rate, making it cheaper to borrow money. Conversely, if the central bank wishes to reduce the money supply and slow economic activity, it will raise the interest rate, making it more expensive to borrow money.
In addition, the central bank can also influence the money supply by buying and selling government bonds, which affects the amount of money available in the banking system.
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Jeremy is interested in buying a house, but he's nervous about interest rates going up. Which would be the safest mortgage loan type for him to consider
If Jeremy is interested in buying a house, but he's nervous about interest rates going up then he should consider fixed rate mortgage.
What does "mortgage" mean?A mortgage is a contract between you and a lender that grants the lender the right to seize your property in the event that you are unable to repay the loan amount plus interest. The value of an existing home may be used as collateral for a mortgage loan to help you purchase a new home. A mortgage should have seven characteristics.
What kind of mortgage is an example of?Dave desires a mortgage loan. He accepts a 7% APR loan for $1,000,000 with a 25-year term. Dave is required to make a $707 monthly payment. This is due to the fact that the total sum due will be $2 12,035, spread out over 25 years.
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a. Self-interest helps achieve society's economic goals because O as consumers and producers exercise their freedom to act in their own self-interest, markets will produce the desired goods at the lowest possible cost O consumers know which goods can be produced at the lowest cost, consumers and producers both operate based on society's economic goals, producers know which goods consumers want the most b. There is such a wide variety of desired goods and services in a market system because individual wants are diverse. producers determine what to produce O consumers change their minds frequently Othere is always a need to produce something new and improved c. What is produced is ultimately determined by consumers, because they participate in marketing surveys
According to the given question, the right answer is Freedom and Lowest.
What does freedom actually mean?Freedom is defined as either holding the capacity to act or develop without restriction or having the strength and resources to pursue one's goals without interference. Being free means having the chance to express myself however I like. I may pick my unique moral compass and make my individual decisions when I am free. I can pick my own faith because I live in a free country. I can express myself freely while I'm free.
What are the fundamental four tenets of freedom?His list of the "four important human freedoms" comprised terms from the Rights Act that are well-known to Americans as well as some new ones: freedom of expression, freedom of worship.
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What factors affect retention rate?
Retention rate is a measure of how many employees stay with a company over a period of time. Many factors can affect retention rates, including the quality of the work environment, strength of company culture, level of job satisfaction, compensation and recognition.
A company that offers competitive pay and benefits, as well as opportunities for advancement, is likely to have a higher retention rate because employees are more likely to stay with the company that provides those benefits. A good work-life balance is also a retention factor, as employees who work long hours with little flexibility are more likely to seek other opportunities.
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people and culture, workplace environment, significant benefits provided, continued training, acknowledgement at work, and mission and values congruence are the factors that affect retention rate
In a number of industries, including marketing, investing, education, the workplace, and clinical trials, the phrase "retention rate" is employed. Keeping retention high in each of these areas frequently has a good impact on the organization, school, or pharmacological study as a whole. No matter how many transactions or how much money each customer spends, retention rate is utilized in marketing to track consumer activity and count customers. The ratio of clients who are kept to those who are at risk is known as the retention rate. Retention only applies to current clients in legal contexts.
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which is not a cost of quality ?
- prevention cost
-external failure cost
-extended service contract cost
-internal failure cost
- appraisal cost
Extended service contract cost is not a cost of quality
Which is not a cost of quality ?The cost of quality does not include the cost of extended service contracts. The cost of quality is any cost associated with ensuring that products or services meet the required quality standards.The cost of quality can be broken down into four main categories: prevention costs, appraisal costs, internal failure costs, and external failure costs.Prevention costs are costs associated with activities that help to prevent defects from occurring in the first place, such as investing in training or quality management systems.Appraisal costs are costs associated with inspecting or testing products or services in order to determine whether they meet quality standards.Internal failure costs are costs associated with detecting and correcting defects within the production process, such as scrap costs or rework costs.External failure costs are costs associated with dealing with defects that have already been released to customers, such as warranty costs or customer returns.All of these costs are associated with quality, but the cost of extended service contracts is not considered a cost of quality.To learn more about The cost of quality refer to:
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An investment offer that promises what, to most people, to be an unreasonable rate of return on an investment most closely describes:
An investment offer that promises what, to most people, to be an unreasonable rate of return on an investment most closely describes Ponzi scheme.
Investment offers that promise an unusually high rate of return on an investment should be treated with extreme caution.
Such offers may be a type of Ponzi scheme, where investors are promised high returns but, in reality, the returns are generated by money from later investors rather than from legitimate investments or profits.
If you are considering such an offer, it's important to do your research and understand all the risks and potential downsides of the investment before committing any money.
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On july 1 of the current calendar year, plum company paid $7,900 cash for management services to be performed over a two-year period beginning july 1. The adjusting entryon december 31 of the current year for plum would include:.
A fee paid or owed is noted when a debit method is accessed. In a ledger account, a negative entry is often made here on left side. Consequently, one account is used when a transaction occurs
What do machines mean in plain English?A machine is something that was made by humans to simplify work. It is a device or invention that increases the impact of human labor. The device generates a mechanical benefit.
What are two instances of machines?A complicated machine is created by joining two or more simple machines. More challenging tasks can be completed by compound machines than by basic machines alone. Bicycles, wheelbarrows, cranes, vehicle jacks, lawn mowers, etc. are some examples of sophisticated machines.
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What describes money or other things of value that are received by the broker on the part of another person
Trust funds are money or other things of value that are received by a broker or salesperson on behalf of a principal or any other person
What is the position of broker?A sales professional known as a broker will carry out sales transactions between two parties in return for a commission. Brokers facilitate the sale of financial products, real estate assets, intellectual property, tangible objects, and other items in the real estate, financial, and other industries.A broker is, in general, someone who makes purchases and sales on behalf of others. They act as the intermediaries between the parties. A broker is a person or business that executes buy and sell orders on behalf of investors for a fee or commission.The word "broker" comes from the Old French word broceur, which means "little merchant" and may have been derived from Old French brocheor, which means "wine retailer" and comes from the verb brochier, which means "to broach (a keg)".To learn more about broker refers to:
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What are the internal factors that influence changes and development?
The internal factors that influence changes and development is Vision and Values and Organizational Culture.
What are internal and external factors that affect change?External political, social, social, or technical issues may have an effect on an organization. The internal traits that affect and contribute to with an organisation's success in these broad categories necessarily relate to how the company engages with its external world.
Examples of internal effects include values, objectives, organizational structure, culture, style of management, human resources, organized labor, and physical and technology resources.
The means used by a corporation to raise cash, the culture at work, and technology are the three main categories of internal factors. Understanding how a firm functions profitably depends on these factors.
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Caleb Company is a sporting goods store. The company sells a tent that sleeps six people. The store expects to sell 200 tents in 2018 and 290 tents in 2019. At the beginning of 2018, Caleb Company has 10 tents in Merchandise Inventory and desires to have 50% of the next year's sales available at the end of the year. How many tents will Caleb Company need to purchase in 2018?
Begin by selecting the labels, then enter the amounts to compute the budgeted tents to be purchased.
___________ ______
Plus: _______ ______
Total tents needed _________ _____
Less: ________ ________
Budgeted tents to be purchased _______
Labels:
2018 Sales: 200
2019 Sales: 290
Beginning Inventory: 10
Desired Ending Inventory: 145
Plus: 200 + 290 = 490
Total tents needed: 490 + 10 = 500
Less: 145
Budgeted tents to be purchased: 500 - 145 = 355
In order to have 50% of the next year's sales (145 tents) available at the end of the year, Caleb Company needs to purchase 355 tents in 2018. This is calculated by finding the total tents needed for 2018 and 2019 sales (490) and adding this to the beginning inventory (10 tents).
Then, the desired ending inventory (145 tents) is subtracted from the total tents needed to get the budgeted tents to be purchased (355 tents).
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What is another name for marginal revenue?
Another name for marginal revenue is incremental revenue which is the increase or decrease in revenue that a company experiences when it sells one additional unit of a product.
Incremental revenue is the increase or decrease in revenue that a company experiences when it sells one additional unit of a product. In other words, it is the revenue that a company gains (or loses) from selling an extra unit of a product.
Thus, marginal revenue is the revenue that a company earns from selling an additional unit of a product. There are a few different ways to calculate marginal revenue.
One way is to take the change in total revenue and divide it by the change in quantity sold. Another way is to take the slope of the total revenue curve.
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Critics of Fed independence argue that: O it is undemocratic to have monetary policy controlled by an elite group responsible to no one O the Fed, since it does not face a binding budget constraint, spends too much of its earningsO an independent Fed conducts monetary policy with a consistent inflationary bias O Only A and B are correct
Critics of Fed independence argue that it is undemocratic to have monetary policy controlled by an elite group responsible to no one, and that the Fed, since it does not face a binding budget constraint, spends too much of its earnings.
Critics of Fed independenceThis lack of accountability and oversight means that the Federal Reserve is able to conduct monetary policy with a consistent inflationary bias, which can lead to economic instability.The issue of Fed independence is particularly contentious, as monetary policy is a powerful tool that should be used with caution and transparency.Critics argue that such a power should not be concentrated in the hands of an unaccountable group. Furthermore, they argue that the Fed's lack of transparency makes it difficult to gauge the effectiveness of its policy decisions, making it difficult to assess and hold the Fed accountable.Those in favor of Fed independence, however, argue that it allows the Federal Reserve to act independently and free from political influence, which is beneficial for the economy in the long run.They argue that the Fed's ability to act independently is necessary to ensure that the nation's monetary policy is sound and effective. Furthermore, they argue that the Fed's independence allows it to remain nimble and responsive to market changes.Overall, the debate over Fed independence is highly contentious, with both sides making valid arguments.Ultimately, it is up to the public to decide which view is correct.To learn more about Critics of Fed independence refer to:
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most for-profit organizations can be described as being in one (or more) of three categories:
The majority of for-profit businesses fall into one (or more) of the following three categories: manufacturing, service, or retail.
What is retail?Retail is the sale of goods and services to consumers as opposed to wholesale, which is the sale of goods and services to business or institutional clients. Since the dawn of time, there have been retail markets and establishments. One of the first forms of sellers were traveling salespeople. In the internet era, more and more businesses are attempting to reach larger audiences by marketing their products through several channels, such as conventional brick-and-mortar storefronts and online marketplaces. Digital technologies also have an impact on how individuals pay for goods and services. Most modern retailers frequently make decisions based on a variety of strategic-level variables, including store type, target market, best product assortment, customer service, supplementary services, and overall market positioning of the store.
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A perfectly competitive firm is producing 10 units of output and sells the product for $5 per unit. At this level of output the average total cost is $4, the average variable cost is $3 and the marginal cost is $7. What should this firm do to maximize short-run profits?
The correct response is b) Decrease output until price is equal to marginal cost.
Since the marginal cost of production ($7) is currently higher than the marginal revenue ($5, which is equivalent to the price), the company is producing. By lowering output to the point where marginal cost and price are equal, the company can enhance profits. The marginal cost, or price of producing more, is the adjustment to the total cost that results from increasing the quantity produced. It can refer to an increase in output of one unit in specific circumstances, and it can also refer to the rate of change in total cost as output increases by a tiny amount. As seen in Figure 1, the total cost is expressed in dollars, whereas the marginal cost is expressed in dollars per unit. The marginal cost is the slope of the total cost, or the rate at which it rises with output. The average cost, which is the overall cost divided by the quantity of units produced, is distinct from marginal cost.
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A perfectly competitive firm is producing 10 units of output and sells the product for $5 per unit. At this level of output the average total cost is $4, the average variable cost is $3 and the marginal cost is $7. What should this firm do to maximize short-run profits?
a) Increase output until price equals average total cost.
b) Decrease output until price is equal to marginal cost.
c) Increase output until price equals marginal cost.
d) Leave output unchanged because price is greater than average total cost.
