precious, inc. is a merchandiser of a single line of golden rings. at the beginning of the day, the shop had 10 rings in its inventory. during the day, 4 new rings were delivered to the shop. by close of business, only 7 rings remained in inventory. the purchase price of each ring from the supplier is $223. in addition, the company pays $5 for shipping and delivery insurance on each ring that they purchase. what is the company’s gross profit for the day if it sells each ring for $662?

Self-interest achieve society’s economic goals because producers know which goods consumers want the most. as consumers and producers exercise their freedom to act in their own self-interest, markets will produce the desired goods at the lowest possible cost. consumers and producers both operate based on society’s economic goals. consumers know which goods can be produced at the lowest cost. there is a wide variety of desired goods and services in a market system because producers determine what to produce. consumers change their minds frequently. there is always a need to produce something new and improved. individual wants are diverse. what is produced is ultimately determined by consumers, because if the goods offered are not what consumers want, consumers will not buy them. producers, because they are driven by profits. producers, because they determine what to produce. consumers, because they participate in marketing surveys.