Homework Answers
Answer : Explicit cost = Wages + Equipment spending + Spending on raw materials
=> Explicit cost = 122,000 + 112,000 + 73,000 = $307,000
Accounting cost include only explicit cost. So, the accounting cost of Reliance is $307,000.
Therefore, option A is correct.
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An example of an implicit cost is the O A. payment of interest on borrowed funds OB. lost interest received on funds used for a business invesetment. OC. wages employees receive. OD. cost of purchasing a new threshing machine.
4. Suppose that last year you started your own brewery. You had $90,000 in explicit costs, which included the wages you paid your employees and the costs associated with the purchase of the ingredients that went into making your beer. You also incurred $61,000 in implicit costs, which included the $50,000 salary ou were earning before you left your previous job to start the brewery business. Over the course of the year, you sold 20,000 bottles of beer at an...
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