Profit will be maximum for the firm where marginal revenue = marginal cost.
Since, the market price is fixed at $8 and therefore each additional unit of camera will be sold at $8.
Hence, marginal revenue = $8.
From the table, it is clear that cameras are manufactured in batches of 100.
Marginal cost is the cost incurred to produce one additional unit of camera. It will be calculated by taking the difference of successive variable costs (or total costs) divided by 100.
To produce 400th unit, marginal cost = (2760 - 1960)/100 = $8
Hence, profit maximising quantity isB. 400 (MR = MC)
The profit-maximizing quantity cannot be determined from the given information.
Explanation:The profit-maximizing quantity is determined by finding the quantity where marginal revenue (MR) equals marginal cost (MC).
In the given information, there is no specific mention of marginal revenue or marginal cost. Without this information, it is not possible to accurately calculate the profit-maximizing quantity.
Therefore, it is not possible to determine the profit-maximizing quantity from the given information.
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Bart should consult a small business development office where he can have the technical assistance in searching for desired site for his business as well as other technical issues can be resolved. He can also use site selection software to personally make sure the right kind of features and choices for his site.
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An example of global outsourcing is seen when gap, inc uses low-cost caribbean labor to cheaply produce its clothing, and then finishes off and sells its clothing in the united states.
Global outsourcing is when companies seek cost savings by hiring firms abroad, often to access lower-wage labor markets, demonstrated by Gap, Inc.'s use of Caribbean labor. While cost-efficient for companies, it leads to job losses and poor working conditions in many cases. The garment industry, particularly in regions like Quebec, is a clear example of the drastic shifts and challenges posed by global outsourcing.
Global Outsourcing in Business
Global outsourcing refers to the practice where a company in a developed country hires an outside firm, which can be located abroad, to perform tasks that were previously done internally. This process is driven by the search for cost savings, often taking advantage of lower labor costs in other countries. The example of Gap, Inc. using low-cost Caribbean labor to produce clothing, which is then sold in the United States, showcases this business strategy. Global outsourcing is linked to offshoring, where a company physically moves its operations overseas to capitalize on cheaper labor markets.
Outsourcing became significantly prevalent with globalization and the establishment of trade agreements like the North American Free Trade Agreement (NAFTA), enabling companies to save costs by manufacturing in countries like Mexico and still sell their goods in their home markets like the U.S. Despite its financial benefits to companies, outsourcing has led to various issues like the loss of jobs in developed countries, the rise of sweatshops with deplorable working conditions, and wage exploitation in developing countries.
The garment industry is a telling example of the impact of global outsourcing. In the past, regions like Quebec in Canada were the hub for garment manufacturing. However, the entry of low-cost labor from developing countries has virtually eliminated these local industries, compelling workers in developed nations to find alternative employment or retrain for different sectors of the economy.
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