When frank sells a pie to jean instead of sarah, the economic value created in society is lower because of the difference in consumer surplus.
What is consumer surplus?
Consumer surplus occurs when a consumer pays a price that is lesser for a goods than the actual price they are willing to pay for a product.
Difference in consumer surplus occurs because Frank now has more customers and he can now sell at a price lower than the consumer would pay.
Therefore, Frank sells a pie to jean instead of sarah,when the economic value created in society is lower because of the difference in consumer surplus.
Learn more on consumer surplus here,
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B. What is the total cost at the break even point.
Despite that 4Ps helped to remember the basics components of the <u>marketing mix</u>, they do not reveal all the components in the marketing process.
<h3>What is Marketing 4Ps?</h3>
The Marketing 4Ps is an economic model that enhances the components of a firm "marketing mix", that is, they enhance the way firm take a new product or service to market.
The Marketing 4Ps includes price, product, promotion and place.
However, the marketing mix does not reveal all the components in the marketing process.
Read more about Marketing 4Ps
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Answer:
A group is different from a team. The Ringlemann Effect does contribute to the modern day team dynamics.
Explanation:
A group is like an assembly of more than one person who coordinate their individual efforts. They do not have any common purpose to achieve. For example: a group of college students. On the other hand, a team is a group of people who have a common purpose and share a common goal. Like a team of people in office who work on a project.
The Ringelmann effect is the tendency in which productivity of individual members of a group decreases as the size of the group increases. For the development of modern-day team dynamics, the Ringelmann effect's contribution shows that the size of the team should be small so that each individual can contribute enough for the team.
Each team member of a highly effective team is intelligent enough to understand their tasks. They share common goals and achieve them by sharing a few moments of humor as well. They communicate well and have a strong leader.
Some of the barriers to teamwork include bad leadership, poor communication among the members of the team, personal clashes and also when the goal planning is not done adequately.
Answer:
Work in process inventory ($83,000 + $32,000) $115,000
Factory overhead $19,000
To wages payable $134,000
(Being the labor is recorded)
Explanation:
The journal entry is shown below:
Work in process inventory ($83,000 + $32,000) $115,000
Factory overhead $19,000
To wages payable $134,000
(Being the labor is recorded)
For recording this we debited the work in process inventory and factory overhead and credited the wages payable so that the correct posting could be done