Homework Answers
An implicit cost can be defined as the opportunity cost equal to what a firm give up for using the factor of production which it already owns and thus does not pay rent for it.Hence income tax payment is not a return on the investment.
An explicit cost is defined as the direct payment made to others for using the resources and running a business. For instance, wage, rent and materials.Hence income tax payment is not a return on the investment.
Since each month University purchase paper for office works in campus and payment is made for this. Hence this is an example of an explicit cost.
Hence option third is the correct answer.
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Question 10 1 pts Each month the University must purchase paper from a supply company for...
Question 4 1 pts The University is considering the level of light to provide at night...
Question 4 1 pts The University is considering the level of light to provide at night on campus. Cynthia and Shirley are the only students who work on campus at night. Cynthia's marginal benefit for light is given by MBCynthia = 40 - 4Q, where Q is the brightness of light; while Shirley's marginal benefit is MBShirley = 20-20. If there are no fixed costs, and the marginal cost of providing light is given by MC=12, then what is the...
9:10 + Exit Question 7 2 pts Accounting costs represent explicit costs paid by the firm....
9:10 + Exit Question 7 2 pts Accounting costs represent explicit costs paid by the firm. opportunity costs. both sunk and future costs. long run costs only. Question 8 2 pts Explicit costs are the opportunity costs of all resources used by the firm. the costs associated with the resources that the firm owns. O actual expenditures that a firm must make. all costs associated with the short run. 9:10 + As a firm's production increases in the short run,...
This attempt took Question 1 1/1 pts Questions 1 to 5 refer to the following. Mankiw,...
This attempt took Question 1 1/1 pts Questions 1 to 5 refer to the following. Mankiw, page 264, question 2. Your aunt is thinking about opening a hardware store. She estimates that it would cost $500,000 per year to rent the location and buy the stock. In addition, she would have to quit her $50,000 per year job as an accountant. Define opportunity cost. What we give up to obtain an item or engage in an activity What we get...
1 pts Question 10 Strange Manufacturing Company is considering the purchase of a production facility at...
1 pts Question 10 Strange Manufacturing Company is considering the purchase of a production facility at a cost of $21 million. The firm expects the project to generate annual cash flows of $7 million over the next five years. Its cost of capital is 18 percent. What is the net present value of this project and should Strange purchase the facility? (Do not round intermediate computations. Round final answer to nearest dollar.) $890,197, No $1,213,909, No $890,197, Yes $1,213,909, Yes
Answer all the questions (2pts each question) 1. Lauren runs a chili restaurant in San Francisco....
Answer all the questions (2pts each question) 1. Lauren runs a chili restaurant in San Francisco. Her total revenue last year was $110,000. The rent on her restaurant was $48,000, her labor costs were $42,000, and her materials, food and other variable costs were $20,000. Lauren could have worked as a biologist and earned $50,000 per year. An economist calculates her implicit costs as A) $150,000. B) $63,000. C) $50,000. D) $110,000. 2. Which of the following is an example...
Company X must purchase a new milling machine. It is considering four mills, each of which...
Company X must purchase a new milling machine. It is considering four mills, each of which has a life of 10 years with no scrap value. The values below are in their respective order. Mill Type 1, 2, 3, 4 First cost $110 000, $160 000, $210 000, $265 000 Annual savings 26 000, 33 000, 49 000, 52 000 Given a MARR of 12 percent, which alternative should be taken to obtain the largest present worth?
Question 2 1 pts Afleet manager must choose between two trucks to purchase for a company's...
Question 2 1 pts Afleet manager must choose between two trucks to purchase for a company's fleet. The company uses an interest rate of 7% and will keep either truck for 4 years. Truck A costs $29,000 and has a market value of $18,000 after 4 years. Truck B costs $32,000 and has a market value of $21,000 after 4 years. Determine the equivalent uniform annual cost (EUAC) for the truck the fleet manager should buy. Express your answer as...
1 pts Question 10 Switzerland can produce 800 tons of chocolate per month if it devotes...
1 pts Question 10 Switzerland can produce 800 tons of chocolate per month if it devotes all of its resources to chocolate and 400 watches per month if it devotes all of its resources to making watches. Germany can make 600 tons of chocolate per month if it devotes all of its resources to chocolate and 400 watches per month if it devotes all of its resources has an absolute advantage in chocolate has a comparative advantage in chocolate to...
Question 20 3.75 pts Exhibit 4-10 Supply and demand data for apricots Bushels supplied Bushels demanded...
Question 20 3.75 pts Exhibit 4-10 Supply and demand data for apricots Bushels supplied Bushels demanded Price per per month bushel 50 $5 55 4 per month 80 75 70 60 3 165 2 65 70 1 55 Which of the following would occur if the government set a price ceiling of $1 in the market shown in Exhibit 4.10? Farmers would reduce the number of acres allocated to the growing of apricots. Buyers would not want to purchase all...
0.5 pts Question 8 A company currently has $200 of supplies. They budgeted to use $1.200...
0.5 pts Question 8 A company currently has $200 of supplies. They budgeted to use $1.200 of supplies this month and $1,400 next month. They want to end the month with 20% of next month's budgeted supplies expense. What amount of supplies does the company need to purchase! 0.5 pts D Question 9 A company purchases supplies on account. Their supplier requires that 75% of purchases on account be paid in the month of the purchase. Purchases of supplies on...
Question 4 1 pts The University is considering the level of light to provide at night on campus. Cynthia and Shirley are the only students who work on campus at night. Cynthia's marginal benefit for light is given by MBCynthia = 40 - 4Q, where Q is the brightness of light; while Shirley's marginal benefit is MBShirley = 20-20. If there are no fixed costs, and the marginal cost of providing light is given by MC=12, then what is the...
9:10 + Exit Question 7 2 pts Accounting costs represent explicit costs paid by the firm. opportunity costs. both sunk and future costs. long run costs only. Question 8 2 pts Explicit costs are the opportunity costs of all resources used by the firm. the costs associated with the resources that the firm owns. O actual expenditures that a firm must make. all costs associated with the short run. 9:10 + As a firm's production increases in the short run,...
This attempt took Question 1 1/1 pts Questions 1 to 5 refer to the following. Mankiw, page 264, question 2. Your aunt is thinking about opening a hardware store. She estimates that it would cost $500,000 per year to rent the location and buy the stock. In addition, she would have to quit her $50,000 per year job as an accountant. Define opportunity cost. What we give up to obtain an item or engage in an activity What we get...
1 pts Question 10 Strange Manufacturing Company is considering the purchase of a production facility at a cost of $21 million. The firm expects the project to generate annual cash flows of $7 million over the next five years. Its cost of capital is 18 percent. What is the net present value of this project and should Strange purchase the facility? (Do not round intermediate computations. Round final answer to nearest dollar.) $890,197, No $1,213,909, No $890,197, Yes $1,213,909, Yes
Answer all the questions (2pts each question) 1. Lauren runs a chili restaurant in San Francisco. Her total revenue last year was $110,000. The rent on her restaurant was $48,000, her labor costs were $42,000, and her materials, food and other variable costs were $20,000. Lauren could have worked as a biologist and earned $50,000 per year. An economist calculates her implicit costs as A) $150,000. B) $63,000. C) $50,000. D) $110,000. 2. Which of the following is an example...
Question 2 1 pts Afleet manager must choose between two trucks to purchase for a company's fleet. The company uses an interest rate of 7% and will keep either truck for 4 years. Truck A costs $29,000 and has a market value of $18,000 after 4 years. Truck B costs $32,000 and has a market value of $21,000 after 4 years. Determine the equivalent uniform annual cost (EUAC) for the truck the fleet manager should buy. Express your answer as...
1 pts Question 10 Switzerland can produce 800 tons of chocolate per month if it devotes all of its resources to chocolate and 400 watches per month if it devotes all of its resources to making watches. Germany can make 600 tons of chocolate per month if it devotes all of its resources to chocolate and 400 watches per month if it devotes all of its resources has an absolute advantage in chocolate has a comparative advantage in chocolate to...
Question 20 3.75 pts Exhibit 4-10 Supply and demand data for apricots Bushels supplied Bushels demanded Price per per month bushel 50 $5 55 4 per month 80 75 70 60 3 165 2 65 70 1 55 Which of the following would occur if the government set a price ceiling of $1 in the market shown in Exhibit 4.10? Farmers would reduce the number of acres allocated to the growing of apricots. Buyers would not want to purchase all...
0.5 pts Question 8 A company currently has $200 of supplies. They budgeted to use $1.200 of supplies this month and $1,400 next month. They want to end the month with 20% of next month's budgeted supplies expense. What amount of supplies does the company need to purchase! 0.5 pts D Question 9 A company purchases supplies on account. Their supplier requires that 75% of purchases on account be paid in the month of the purchase. Purchases of supplies on...
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