The most common form of business.

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Answer 1

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Definition Definition Arrangement between two or more people whereby they agree to manage business operations and share its profits and losses in an agreed ratio. The agreement drafted and signed by the partners of the firm is termed as a partnership deed and contains various important clauses agreed between the partners such as profit/loss sharing, interest on capital, remuneration allocation of each partner, and drawings of a partner.

Chapter 3, Problem 8QE

(a)

To determine

The most common form of business.

(b)

To determine

The form of business accounts for the largest proportion of sales.

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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.

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

Definition Definition Arrangement between two or more people whereby they agree to manage business operations and share its profits and losses in an agreed ratio. The agreement drafted and signed by the partners of the firm is termed as a partnership deed and contains various important clauses agreed between the partners such as profit/loss sharing, interest on capital, remuneration allocation of each partner, and drawings of a partner.

Chapter 3, Problem 8QE

(a)

To determine

The most common form of business.

(b)

To determine

The form of business accounts for the largest proportion of sales.

Expert Solution & Answer

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Check out a sample textbook solution

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Answer 3

Question

Definition Definition Arrangement between two or more people whereby they agree to manage business operations and share its profits and losses in an agreed ratio. The agreement drafted and signed by the partners of the firm is termed as a partnership deed and contains various important clauses agreed between the partners such as profit/loss sharing, interest on capital, remuneration allocation of each partner, and drawings of a partner.

Chapter 3, Problem 8QE

(a)

To determine

The most common form of business.

(b)

To determine

The form of business accounts for the largest proportion of sales.

Expert Solution & Answer

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Check out a sample textbook solution

See solution

Answer 4

Question

Definition Definition Arrangement between two or more people whereby they agree to manage business operations and share its profits and losses in an agreed ratio. The agreement drafted and signed by the partners of the firm is termed as a partnership deed and contains various important clauses agreed between the partners such as profit/loss sharing, interest on capital, remuneration allocation of each partner, and drawings of a partner.

Chapter 3, Problem 8QE

(a)

To determine

The most common form of business.

(b)

To determine

The form of business accounts for the largest proportion of sales.

Expert Solution & Answer

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Check out a sample textbook solution

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Answer 5

Chapter 3, Problem 8QE

(a)

To determine

The most common form of business.

(b)

To determine

The form of business accounts for the largest proportion of sales.

Answer 6

Chapter 3, Problem 8QE

(a)

To determine

The most common form of business.

Answer 7

Chapter 3, Problem 8QE

(a)

To determine

The most common form of business.

Answer 8

(b)

To determine

The form of business accounts for the largest proportion of sales.

Answer 9

(b)

To determine

The form of business accounts for the largest proportion of sales.

Answer 10

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Answer 11

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Answer 12

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Answer 13

Ch. 3.1 - Prob. 1Q Ch. 3.1 - Prob. 2Q Ch. 3.1 - Prob. 3Q Ch. 3.1 - Prob. 4Q Ch. 3.1 - Prob. 5Q Ch. 3.1 - Prob. 6Q Ch. 3.1 - Prob. 7Q Ch. 3.1 - Prob. 8Q Ch. 3.1 - Prob. 9Q Ch. 3.1 - Prob. 10Q

The most common form of business.

Solution Summary: The author explains that corporations, partnerships, and sole proprietorships are the three major forms of business in the United States.

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The most common form of business.

The form of business accounts for the largest proportion of sales.

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