The disadvantages that sole proprietors face Introduction: Sole Proprietorship: The form of business which is run and operated by an individual is known as the Sole Proprietorship. All the liability in this form of business lies with the proprietor.

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Chapter 3, Problem 6P

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The disadvantages that sole proprietors face

Introduction:

Sole Proprietorship: The form of business which is run and operated by an individual is known as the Sole Proprietorship. All the liability in this form of business lies with the proprietor.

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1. Riaz has a limited income and consumes only Apple and Bread. His current consumption choice is 3 apples and 5 bread. The price of apple is $3 each, and the price of bread is $2.5 each. The last apple added 5 units to Sadid's utility, while the last bread added 7 units. Is Riaz making the utility-maximizing choice? Why or why not? Do you suggest any adjustment in Riaz's consumption bundle? Why or why not? Give reasons in support of your answer. State the condition for a consumer's utility maximizing choice and illustrate graphically.

2. Consider the following table of long-run total costs for three different firms: Quantity Total Cost ($) Firm A Firm B Firm C 1 60 11 21 2 70 24 34 3 80 39 49 4 90 56 66 5 100 75 85 6 110 96 106 7 120 119 129 Does each of these firms experience economies of scale or diseconomies of scale? Explain your answer with necessary calculations.

1. Riaz has a limited income and consumes only Apple and Bread. His current consumption choice is 3 apples and 5 bread. The price of apple is $3 each, and the price of bread is $2.5 each. The last apple added 5 units to Sadid's utility, while the last bread added 7 units. Is Riaz making the utility-maximizing choice? Why or why not? Do you suggest any adjustment in Riaz's consumption bundle? Why or why not? Give reasons in support of your answer. State the condition for a consumer's utility maximizing choice and illustrate graphically.

Answer 2

Question

Chapter 3, Problem 6P

To determine

The disadvantages that sole proprietors face

Introduction:

Sole Proprietorship: The form of business which is run and operated by an individual is known as the Sole Proprietorship. All the liability in this form of business lies with the proprietor.

Expert Solution & Answer

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Answer 3

Question

Chapter 3, Problem 6P

To determine

The disadvantages that sole proprietors face

Introduction:

Sole Proprietorship: The form of business which is run and operated by an individual is known as the Sole Proprietorship. All the liability in this form of business lies with the proprietor.

Expert Solution & Answer

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Answer 4

Question

Chapter 3, Problem 6P

To determine

The disadvantages that sole proprietors face

Introduction:

Sole Proprietorship: The form of business which is run and operated by an individual is known as the Sole Proprietorship. All the liability in this form of business lies with the proprietor.

Expert Solution & Answer

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Answer 5

Chapter 3, Problem 6P

To determine

The disadvantages that sole proprietors face

Introduction:

Sole Proprietorship: The form of business which is run and operated by an individual is known as the Sole Proprietorship. All the liability in this form of business lies with the proprietor.

Answer 6

Chapter 3, Problem 6P

To determine

The disadvantages that sole proprietors face

Introduction:

Sole Proprietorship: The form of business which is run and operated by an individual is known as the Sole Proprietorship. All the liability in this form of business lies with the proprietor.

Answer 7

Chapter 3, Problem 6P

To determine

The disadvantages that sole proprietors face

Introduction:

Sole Proprietorship: The form of business which is run and operated by an individual is known as the Sole Proprietorship. All the liability in this form of business lies with the proprietor.

Answer 8

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Answer 9

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Answer 11

Ch. 3 - Prob. 1P Ch. 3 - Prob. 2P Ch. 3 - Prob. 3P Ch. 3 - Prob. 4P Ch. 3 - Prob. 5P Ch. 3 - Prob. 6P Ch. 3 - Prob. 7P Ch. 3 - Prob. 8P Ch. 3 - Prob. 9P Ch. 3 - Prob. 10P

The disadvantages that sole proprietors face Introduction: Sole Proprietorship: The form of business which is run and operated by an individual is known as the Sole Proprietorship. All the liability in this form of business lies with the proprietor.

Solution Summary: The author explains that sole proprietorship is a form of business wherein the business is run and operated by an individual.

The disadvantages that sole proprietors face

Introduction:

Sole Proprietorship: The form of business which is run and operated by an individual is known as the Sole Proprietorship. All the liability in this form of business lies with the proprietor.

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Chapter 3 Solutions