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Vacuum salesperson George has sold vacuums to 7 customers and has made more than 672 What can you say about his average amount earned per customer?
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∙ 14y ago
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∙ 14y ago
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What are the features of a perfect competition market?
The perfectly competitive market is an economic anomaly; it does not exist in real life, because of the unreal circumstances that need to occur in perfectly competitive industries. Perfectly competitive markets have so many competing firms, that one firm cannot change the overall market price of the good that the firm is selling. In a perfectly competitive market, there is perfect economic efficiency for each firm. Each firm's demand curves are perfectly elastic (vertical), although the industry's D curve is not. Another characteristic is that the firms MR curve is equivalent to product price is equivalent to the demand curve is equal to total revenue. These are not all of the characteristics of perfect competition, but these are the basic defining features of this market type.A picture of a perfect competitor's cost curves: http://ourtwocents.files.wordpress.com/2008/04/perfect-competition.pngSecond answerNote: it is important to bear in mind that perfect competition is not a real thing. It is an idealised model which is analysed in economics the way perfectly elastic collisions, point masses, incompressible materials, perfect vacuums, perfect insulators, perfect conductors, massless inextensible strings, Newtonian fluids, and volumes with no gravitational field in them are used in physics. It is an idealised baseline from which real phenomena are expected to deviate because of their idiosyncratic features. Also, it is not the only such model: other ideals include perfectly price-discriminating monopoly, market-segmenting monopoly, non-price discriminating monopoly, bilateral monopoly, natural monopoly, oligopoly, market-leader oligopoly, monopolistic competition, commons, club goods, pure public goods....The characteristics of perfect competition are that:There is a large number of firms, so many that the demand function facing an individual firm is effectively perfectly elasticThe firms produce a uniform, homogenous productThere is a large number of consumers, none of which exercises market power nor prefers one firms' product over any others'The consumers and firms are fully and costlessly informed of all prices, and know the quality and properties of the product.The firms cannot or do not colludeThe consumers cannot or do not colludeThere are zero transaction costsAll firms have the same cost functionAll firms are run by entrepreneurs who seek to maximise their profit after paying or imputing costs to factors at uniform market pricesThere are no barriers to entry or exit from the industryAll factors of production are completely mobile in the long runShort-run and long-run economies of scale are limited in such a way that the firms' short-run and long-run average cost curves are U-shaped.
What are 5 characteristics of perfect competition econ wise?
The perfectly competitive market is an economic anomaly; it does not exist in real life, because of the unreal circumstances that need to occur in perfectly competitive industries. Perfectly competitive markets have so many competing firms, that one firm cannot change the overall market price of the good that the firm is selling. In a perfectly competitive market, there is perfect economic efficiency for each firm. Each firm's demand curves are perfectly elastic (vertical), although the industry's D curve is not. Another characteristic is that the firms MR curve is equivalent to product price is equivalent to the demand curve is equal to total revenue. These are not all of the characteristics of perfect competition, but these are the basic defining features of this market type.A picture of a perfect competitor's cost curves: http://ourtwocents.files.wordpress.com/2008/04/perfect-competition.pngSecond answerNote: it is important to bear in mind that perfect competition is not a real thing. It is an idealised model which is analysed in Economics the way perfectly elastic collisions, point masses, incompressible materials, perfect vacuums, perfect insulators, perfect conductors, massless inextensible strings, Newtonian fluids, and volumes with no gravitational field in them are used in physics. It is an idealised baseline from which real phenomena are expected to deviate because of their idiosyncratic features. Also, it is not the only such model: other ideals include perfectly price-discriminating monopoly, market-segmenting monopoly, non-price discriminating monopoly, bilateral monopoly, natural monopoly, oligopoly, market-leader oligopoly, monopolistic competition, commons, club goods, pure public goods....The characteristics of perfect competition are that:There is a large number of firms, so many that the demand function facing an individual firm is effectively perfectly elasticThe firms produce a uniform, homogenous productThere is a large number of consumers, none of which exercises market power nor prefers one firms' product over any others'The consumers and firms are fully and costlessly informed of all prices, and know the quality and properties of the product.The firms cannot or do not colludeThe consumers cannot or do not colludeThere are zero transaction costsAll firms have the same cost functionAll firms are run by entrepreneurs who seek to maximise their profit after paying or imputing costs to factors at uniform market pricesThere are no barriers to entry or exit from the industryAll factors of production are completely mobile in the long runShort-run and long-run economies of scale are limited in such a way that the firms' short-run and long-run average cost curves are U-shaped.
What was the economic reason for abolishing slavery?
One of the most important inventions in American history, was the cotton gin which made taking seeds out of cotton 50 times more effective than by hand. Thus, slaves were "needed" by the south to pick the cotton to fit the fast pace of the cotton gin. In fact, right before the cotton gin's invention, slavery was on the decline. Cotton in the south of the united states became a one crop economy, as 50% of all the exports of the United states, which was unheard of.
Where can you purchase a backpack vacuum?
There are many retailers that offer backpack vacuums to customers such as online retailers and local stores. There are many different styles and sizes of backpack vacuums available and choosing one depends on a persons needs and personal preference.
What different types of vacuums are there out there?
There are stick vacuums, small vacuums, central vacuums, canister vacuums, and upright vacuums. The type of vacuum one would want to purchase depends on what the vacuum is going to be used for.
What is the contact information for the Miele Vacuums customer service department?
The contact information for Miele Vacuums is as follows. Telephone number: 866-694-5851. US Corporate Headquarters: Miele Inc., 9 Independence Way, Princeton NJ 08540.
Where can I find information about Makita vacuums?
Makita Vacuums are some of the best vacuums in the world. To find information on these vacuums you can go to the makita website at www.makita.com
Does canister vacuum cleaner need electricity?
Some canister vacuums are suction vacuums. These canister vacuums do not need electricity.
What types of hoovers does Dyson offer their customers?
The vacuum cleaner brand Dyson and the vacuum cleaner brand Hoover are not associated with each other. However, you can find Hoover vacuums at the official Hoover website. Both vacuums can be found at most major retailers like Amazon, Wal-Mart, and Target.
What vacuums does not lose suction?
The vacuums that do not lose suction is the Dyson vaccums.
How does the maneuverability of ball vacuums actually compare to regular, wheeled vacuums?
Ball vacuums are much more manueverable. It's almost fun to vacuum with them.
What vacuums have compartment for dust collection?
All vacuums collect dust and particles from the vacuumed subject. But if you mean bag-less vacuums, try a Shark or a Hoover.
Do hardwood floor vacuums work on any wood floors?
Generally, yes hardwood floor vacuums do work well on wood floors. However, some hardwood floor vacuums can damage softwood floors if the hardwood floor vacuums have tough bristled vacuums brushes or their wheels are made from hard materials.
What are the two types of handheld vacuums?
The two types of handheld vacuums are electric and rechargeable
Do all miele vacuums require bags?
No Miele Vacuums have a wide variety of vacuums you can choose from. Not all of their vacuuming products require having a bag to clean your whole house.
