Question Paper appropriate diagram if necessary! exist as organization? (4pts) o

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Question Paper appropriate diagram if necessary! exist as organization? (4pts) of Total Revenue as an important indicator(4Pts) Instruction: Attempt all questions! Be clear and precise! Support your answer with 1. How do you justify the existence of a firm as a business organization or why firm Total Revenue is one of the very important economic indicators. List the practical use Income Elasticity of demand is used to measure responsiveness demand to the change in consumers' income. Firms can use this information for making business decision. List uses of information about income elasticity of demand for business decision. (4Pts) Demitu has just graduated and obtained her MSc degree in Computer Science. While ,ta etiidi, at ???? he was working at different -...Ad?

Explanation / Answer

The existence of a firm as a business organisation is valid. Now why firm exist as organisation. An organisation has some characteristics like team work, leadership, sharing the goal of organisation among employees, employee morale, risk and opportunities, adapts with risk and opportunities. Now as a firm all those things which the organisation has exist. First in a firm there is a team work. Employees in a firm work as a team. In the firm there is a leader who controll the production and manage the employees. There is risk and opportunities in the firm also. So all the characteristics the organisation has the firm also has those characteristics. Actually firm is small part of organisation. So firm will always exist as a organisation.

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