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Business opening hours
a) Opportunity cost refers to the cost of the next best alternative that is foregone in a decision. In this case, it refers to the loss income by not opening supermarkets on Weekends.
b) Illustration of opportunity cost mentioned include
These factors will obviously affect commerce decision making, e.g. whether to do business on Sundays or 24-hour a day.
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What are the important provisions for employee Safety? Safety: The provisions regarding safety are as illustrated here: a. Fencing and Encasing of machinery b. Work ont
It allocates costs based on the price elasticity of demand. Yet higher the elasticity (elastic), the lower the charge of fixed costs when allocated amongst products.
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