Discuss the Role of Competence in Establishing Credibility

question 2

Essay

Discuss the role of competence in establishing credibility.Explain how competence affects the perceptions of others.

---

Definitions:

Markup

The amount added to the cost price of goods to cover overhead and profit; the difference between the cost of a product and its selling price.

Marginal Cost

Marginal cost is the change in the total cost that arises when the quantity produced changes by one unit.

Profit-Maximizing

A strategy where a business aims to achieve the highest possible profit from its operations.

Loss-Minimizing

A strategy or approach that aims to reduce or minimize losses in various contexts, including business, investment, and economic activities.