Homework Answers
"D"
Opportunity cost is the best option that was left to achieve that we are doing right now. it will be the best option depending what out bes option was.
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Question 9 (3 points) Suppose that, instead of taking this test, you could either have worked...
Suppose you have a choice of working full-time during the summer or going full-time to summer...
Suppose you have a choice of working full-time during the summer or going full-time to summer school. Summer tuition and books are $5,500. If you worked, you could make $9,000. Your rent is $3,000 for the summer, regardless of your choice. The opportunity cost of going to summer school is, therefore $4,500 $5,500 $11,500 $14,500 $17,500.
9. Opportunity costs can be: • Explicit, if they are out of pocket expenses (in cash...
9. Opportunity costs can be: • Explicit, if they are out of pocket expenses (in cash or in kind). • Implicit, if they are not a disbursement, but they arise as a result of the value of your time or any other alternative us that you may have made out of the resource. For example, the cost from taking time off from work to go to the dentist are an implicit cost Gary has his own business driving clients to...
Class: (Winter 2020) $ 6000 2. Suppose you have a choice of working full-time tuition and...
Class: (Winter 2020) $ 6000 2. Suppose you have a choice of working full-time tuition and books are $2,200. If you worked, you e of working full-time during the summer or going full-time to summer school. Summer regardless of your choice. If these are the only rele are $2,200. If you worked, you could make $7,000. Your rent is $1,000 for the summer, summer school is: ce. If these are the only relevant costs to consider, the opportunity cost of...
You observe wages for a particular occupation have increased over the past few years. Which of...
You observe wages for a particular occupation have increased over the past few years. Which of the following is the best explanation for this observation? The economy has been in a prolonged recession. There has been an increase in the number of people retiring from this occupation. More people are pursuing this occupation as a career. O Machines have been developed to replace workers in this industry. Jake remains in college for his senior year instead of joining a professional...
Gain B3-INVENTORY CHOICE AND FINANCIAL REPORTING (9 points, 3 points each) Answer the following questions related...
Gain B3-INVENTORY CHOICE AND FINANCIAL REPORTING (9 points, 3 points each) Answer the following questions related to the accounting for inventory and the impact on your financial reporting. 1) Inventory costs are decreasing. Which inventory cost flow assumption method would result in the highest net income, and why? 2) Suppose your ending inventory count was overstated in Year 1. What is the impact on your Cost of Goods Sold during Year 2, assuming that the ending inventory count during Year...
h Not aximizing my utility (satisfaction) because I could have bought other jeans for a lower...
h Not aximizing my utility (satisfaction) because I could have bought other jeans for a lower price b. Not maxim m utty tried, because they are in stvle Iam imizing my utility (satisfaction) because I could not get more enjoyment from a lower priced 35, I bu y designer jeans even though they are high-priced, because they are in style. I am jean c. Maximizing my uility satisfaction) because I derive utility not only from wearing jeans but from being...
4 villagers.... Part 1 (2 points) Suppose there are four villagers who can either raise sheep...
4 villagers....
Part 1 (2 points) Suppose there are four villagers who can either raise sheep or bake bread. A sheepherder must buy a sheep for $200, raise it on the common, and then sell it at the market in a nearby town. The table below shows how much a sheepherder can sell a sheep for. In the same time it takes to bring a sheep to the market, bread bakers can make a profit of $35. You will need...
Learning Objective 1.3 The Opportunity Cost Principle 3. It is a beautiful afternoon and you are...
Learning Objective 1.3 The Opportunity Cost Principle 3. It is a beautiful afternoon and you are considering taking a leisurely stroll through the park. There are several other activities you had considered doing instead. The value you would have received from each of the activities is provided in the table below. Alternative activities Value Streaming a movie $5 Taking a nap $8 Chatting with your best friend $13 Reading a new book $15 What is the opportunity cost to you...
[3] Suppose your aunt has just closed her books from her first year in the retail...
[3] Suppose your aunt has just closed her books from her first year in the retail cookie business and is ecstatic with the profit her accountant says she has earned. Her business earned $115,000 in sales revenue over the year, and its costs for rent, raw materials, electricity, and the like were $80,000. Your uncle is not quite as elated, but can't figure out exactly why. In discussing the situation with you (the family economist), he offers the following information....
9. Suppose than Lana and Carthy Airlines. They have have a cost and will b e...
9. Suppose than Lana and Carthy Airlines. They have have a cost and will b e value of the lugg . If they the Otherwise they are th e would someone report a Value gets an extra two d then Landets 252G - $915. What is the N a S heval o 10. Below are five true false questions. Each one is worth 2 point on your best. If you incorrectly answer ALL of these questions, you will carded 20...
Suppose you have a choice of working full-time during the summer or going full-time to summer school. Summer tuition and books are $5,500. If you worked, you could make $9,000. Your rent is $3,000 for the summer, regardless of your choice. The opportunity cost of going to summer school is, therefore $4,500 $5,500 $11,500 $14,500 $17,500.
Class: (Winter 2020) $ 6000 2. Suppose you have a choice of working full-time tuition and books are $2,200. If you worked, you e of working full-time during the summer or going full-time to summer school. Summer regardless of your choice. If these are the only rele are $2,200. If you worked, you could make $7,000. Your rent is $1,000 for the summer, summer school is: ce. If these are the only relevant costs to consider, the opportunity cost of...
You observe wages for a particular occupation have increased over the past few years. Which of the following is the best explanation for this observation? The economy has been in a prolonged recession. There has been an increase in the number of people retiring from this occupation. More people are pursuing this occupation as a career. O Machines have been developed to replace workers in this industry. Jake remains in college for his senior year instead of joining a professional...
Gain B3-INVENTORY CHOICE AND FINANCIAL REPORTING (9 points, 3 points each) Answer the following questions related to the accounting for inventory and the impact on your financial reporting. 1) Inventory costs are decreasing. Which inventory cost flow assumption method would result in the highest net income, and why? 2) Suppose your ending inventory count was overstated in Year 1. What is the impact on your Cost of Goods Sold during Year 2, assuming that the ending inventory count during Year...
h Not aximizing my utility (satisfaction) because I could have bought other jeans for a lower price b. Not maxim m utty tried, because they are in stvle Iam imizing my utility (satisfaction) because I could not get more enjoyment from a lower priced 35, I bu y designer jeans even though they are high-priced, because they are in style. I am jean c. Maximizing my uility satisfaction) because I derive utility not only from wearing jeans but from being...
4 villagers....
Part 1 (2 points) Suppose there are four villagers who can either raise sheep or bake bread. A sheepherder must buy a sheep for $200, raise it on the common, and then sell it at the market in a nearby town. The table below shows how much a sheepherder can sell a sheep for. In the same time it takes to bring a sheep to the market, bread bakers can make a profit of $35. You will need...
Learning Objective 1.3 The Opportunity Cost Principle 3. It is a beautiful afternoon and you are considering taking a leisurely stroll through the park. There are several other activities you had considered doing instead. The value you would have received from each of the activities is provided in the table below. Alternative activities Value Streaming a movie $5 Taking a nap $8 Chatting with your best friend $13 Reading a new book $15 What is the opportunity cost to you...
[3] Suppose your aunt has just closed her books from her first year in the retail cookie business and is ecstatic with the profit her accountant says she has earned. Her business earned $115,000 in sales revenue over the year, and its costs for rent, raw materials, electricity, and the like were $80,000. Your uncle is not quite as elated, but can't figure out exactly why. In discussing the situation with you (the family economist), he offers the following information....
9. Suppose than Lana and Carthy Airlines. They have have a cost and will b e value of the lugg . If they the Otherwise they are th e would someone report a Value gets an extra two d then Landets 252G - $915. What is the N a S heval o 10. Below are five true false questions. Each one is worth 2 point on your best. If you incorrectly answer ALL of these questions, you will carded 20...
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