Explanation:
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Answer:
Maximum total profit = $4,800
Explanation:
When a business is faced with a problem of shortage of a resource which can be used to produced more than one product type, to maximize the use of the resource , the business should allocate it for production purpose in such a way that it maximizes the contribution per unit of the scare resource.
Therefore the Company should allocate the budget cost to maximize the profit per production cost. This is done as follows:
Calculate the profit per budget cost and rank the product
Gasoline Heating oil
Profit per product cost 3/6=0.5 4/8= 0.5
The two products produce the same profit per dollar of cost which is $0.5. So, they are equally ranked.
So the total profit= the budget cost × profit per budget
= 9,600× $0.5 =$4,800
Maximum total profit = $4,800
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Answer: is correct
Explanation: Tariff refers to the tax imposed on import and export activities. These are a type of trade restrictions that are made to regulate the domestic market of the country.
The tariff imposed on export will increase the price of the exported goods in the domestic market. Thus a majority population in the country will not purchase it and the domestic producers will benefit from this situation. In such a case, the domestic producers will make unreasonable profits from domestic consumers.