Given the Following Two Equations

question 204

Essay

Given the following two equations:
1) Tatal Suplus = Consumer Suplus + Produce Suplus
2) Total Surglus = Value to Buyers - Cost to Sellers Show how equation (1) can be used to derive equation (2).

Understand the significance of cash flow and intellectual capital in new and small businesses.

Assess strategies for competing effectively as a small business.

Identify and understand management and financial challenges leading to business failure.

Recognize the role and impact of small businesses in the economy.

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Definitions:

Economies of Scale

The cost advantages that enterprises obtain due to their scale of operation, resulting in cost per unit of output decreasing with increasing scale.

3-D Printers

Technology that creates three-dimensional objects from digital models by layering materials.

Explicit Costs

The direct payment costs to others in the course of running a business or undertaking an economic transaction.

Implicit Costs

Costs that represent forgone opportunities, often not directly outlaid but incurred when resources are used for one purpose over another.