Use the Database Table Below to Answer the Following Questions

question 88

Essay

Use the database table below to answer the following questions.
-What suggestions would you give the database designer? How should the database be created to eliminate the database anomalies? (Be specific.)

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Definitions:

Profit

The financial gain realized when the amount earned from a business activity exceeds the expenses, costs, and taxes needed to sustain the activity.

Monopolistically Competitive Firm

A company that operates in a market with many competitors, each offering products that are similar but not identical, allowing for some degree of market power.

Price Higher Than Marginal Cost

A situation where the selling price of a product is set above the marginal cost of production, often leading to increased profitability but potentially distorting market efficiency.

Economic Profit

Economic profit is the difference between a firm's total revenue and its total costs, including both explicit and implicit costs, thereby measuring efficiency beyond accounting profit.