Homework Answers
Answer
Option d
only (i)
Implicit cost is the forgone benefit of the alternative activity
and it is not paid directly
The raw material and wages are paid directly so these are
accounting costs which are also called explicit costs.
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which of the following would be an example of an implicit
cost?
Which of the following...
9. John owns a shoe-shine business. His accountant most likely includes which of the following costs...
9. John owns a shoe-shine business. His accountant most likely includes which of the following costs on his financial statements? a. wages John could earn washing windows b. dividends John's money was earning in the stock market before John sold his stock and bought a shoe-shine booth c. the cost of shoe polish d. Both b and c are correct. 7. Which of the following would be categorized as an implicit cost? (i) forgone investment opportunities (ii) wages of workers...
What does it cost to make 100 pairs of running shoes? An Asian manufacturer of running...
What does it cost to make 100 pairs of running shoes? An Asian manufacturer of running shoes pays its workers $275 to make 100 pairs an hour. Workers use company-owned equipment that costs $300 in forgone interest and economic depreciation. Materials cost $900. Which costs are explicit costs? Which costs are implicit costs? With total revenue from the sale of 100 pairs of shoes of $1,650, calculate economic profit. The costs that are explicit costs are _ . The costs...
The choices listed below involve costs to the firm. For which is the implicit cost potentially...
The choices listed below involve costs to the firm. For which is the implicit cost potentially different than its explicit cost? Select one: o a. the services of hired workers O b. the purchase of raw materials used in production O c. the use of rented land O d. the use of firm-owned assets O e, the interest paid on borrowed money The choices listed below involve costs to the firm. For which is the implicit cost potentially different than...
which of the following is an example of an implicit cost? a) the wages bob pays...
which of the following is an example of an implicit cost? a) the wages bob pays his employees b) the cost of the food uses in the preperation of meals for Bob’s restaurant c) the salary bob could earn as a. sccountant instead of a restaurant owner (the opportinity cost of the owners time) d) monthly insurance premiums for Bobs reataurant
1. Which of the following is an example of a possible cost object? a. a product...
1. Which of the following is an example of a possible cost object? a. a product b. a customer c. a department d. All of these could be possible cost objects. 2. Which of the following is a product cost? a. advertising expenditures b. insurance on the office buildings c. depreciation of the salesmen's cars d. depreciation of the production facilities 3. The wages of a production equipment operator would be classified as a. direct materials. b. direct labour c....
What would be an example of an implicit cost of production? O the cost of lost...
What would be an example of an implicit cost of production? O the cost of lost income a student could have earned had they not gone to university the cost of raw materials for producing bread in a bakery the cost of a delivery truck in a business that rarely makes deliveries the cost of employee training programs What is a result of a natural monopoly? Society would be better off if antitrust laws were used to create many different...
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...
Harold owns a cranberry bog in which he grows cranberries
Harold owns a cranberry bog in which he grows cranberries. Harold’s farm is a competitive, profit-maximizing firm. As such, Harold much decide(i): how many cranberries to sell.(ii): what price to charge for his cranberries.(iii): what wages to pay his workers.(iv): how many workers to hire. A. (i) only B. (ii) and (iii) only C. (i) and (iv) only D. (i), (ii), (iii), and (iv)
Which of the following is an example of something that economists would consider a cost but...
Which of the following is an example of something that economists would consider a cost but accountants would not? O A. the cost of advertising B. the interest income foregone by the firm's owner because the owner invested funds into the firm O C. the salary that the firm actually pays to the firm's owner O D. the cost of materials and supplies purchased by a firm
Which of the following would be considered a nonmanufacturing (period) cost? a. The cost of an...
Which of the following would be considered a nonmanufacturing (period) cost? a. The cost of an advertising campaign to launch a new product. b. The hourly wages of the workers who make the product. c. The cost of materials used to make the product. d. The utilities cost for the factory where the product is made. .
9. John owns a shoe-shine business. His accountant most likely includes which of the following costs on his financial statements? a. wages John could earn washing windows b. dividends John's money was earning in the stock market before John sold his stock and bought a shoe-shine booth c. the cost of shoe polish d. Both b and c are correct. 7. Which of the following would be categorized as an implicit cost? (i) forgone investment opportunities (ii) wages of workers...
What does it cost to make 100 pairs of running shoes? An Asian manufacturer of running shoes pays its workers $275 to make 100 pairs an hour. Workers use company-owned equipment that costs $300 in forgone interest and economic depreciation. Materials cost $900. Which costs are explicit costs? Which costs are implicit costs? With total revenue from the sale of 100 pairs of shoes of $1,650, calculate economic profit. The costs that are explicit costs are _ . The costs...
The choices listed below involve costs to the firm. For which is the implicit cost potentially different than its explicit cost? Select one: o a. the services of hired workers O b. the purchase of raw materials used in production O c. the use of rented land O d. the use of firm-owned assets O e, the interest paid on borrowed money The choices listed below involve costs to the firm. For which is the implicit cost potentially different than...
1. Which of the following is an example of a possible cost object? a. a product b. a customer c. a department d. All of these could be possible cost objects. 2. Which of the following is a product cost? a. advertising expenditures b. insurance on the office buildings c. depreciation of the salesmen's cars d. depreciation of the production facilities 3. The wages of a production equipment operator would be classified as a. direct materials. b. direct labour c....
What would be an example of an implicit cost of production? O the cost of lost income a student could have earned had they not gone to university the cost of raw materials for producing bread in a bakery the cost of a delivery truck in a business that rarely makes deliveries the cost of employee training programs What is a result of a natural monopoly? Society would be better off if antitrust laws were used to create many different...
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...
Which of the following is an example of something that economists would consider a cost but accountants would not? O A. the cost of advertising B. the interest income foregone by the firm's owner because the owner invested funds into the firm O C. the salary that the firm actually pays to the firm's owner O D. the cost of materials and supplies purchased by a firm
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