Homework Answers
Answer: explicit cost : it is the actual cost which we pay or occurs during the business like cost of raw materials, machinery, rent, wages employees and other payments.
Implicit cost: it is not the actual cost but an opportunity cost which we have to forgo in order to choose one option over the other or one business (job) opportunity over the other opportunities.
If we are planning to open a lemonade stand than the costs involved are:
· Explicit cost: cost of raw materials like lemon, sugar, salt etc., cost of buying stand and expenditures on taking permission from local government (if any ) to open the stall etc.
Implicit cost : it will include the cost of other opportunities which we are giving up to choose this business.
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- Suppose you are planning to open a lemonade stand. List separately all the explicit and...
You are going to sell fruits & vegetables at a local roadside market. List separately and...
You are going to sell fruits & vegetables at a local roadside market. List separately and discuss ALL the explicit AND implicit costs that might be involved in this business venture.
You are going to sell fruits & vegetables at a local roadside market. List separately and...
You are going to sell fruits & vegetables at a local roadside market. List separately and discuss ALL the explicit AND implicit costs that might be involved in this business venture
You operate a lemonade stand. The wholesale cost of lemonade Is $0.50 per unit. The cost...
You operate a lemonade stand. The wholesale cost of lemonade Is $0.50 per unit. The cost of rent for the stand is $50 per day. You need to choose your pricing and advertising strategy. You are considering alternatives: A: If you set the selling price to $1.50 per unit and spend $0 on advertising, you will sell 120 units per day U: If you reduce the selling price to $1.20 per unit and spend $0 on advertising, you wll sell...
Case Overview: You are an intelligent ten-year-old child who wants to start a lemonade stand. You...
Case Overview:
You are an intelligent ten-year-old child who wants to start a
lemonade stand. You live in Duluth, Minnesota in a middle class
neighborhood, with all of the benefits and constraints of a typical
child of that age. As a start, you have outlined three possible
business plans:
Fresh Squeezed Plan:
Your mother has agreed to loan you $5 to get your fresh squeezed
lemonade stand started and she will let you use her lemon squeezer
at no charge,...
Case 4 – Budgeting and Variance Mike has been selling lemonade at his lemonade stand under the name ‘Mike’s Lemonade’ fo...
Case 4 – Budgeting and Variance Mike has been selling lemonade at his lemonade stand under the name ‘Mike’s Lemonade’ for the past few summers and has had tremendous success. As a matter of fact, kids are so “hooked” on his lemonade that he is now offering credit to those customers who have spent their allowance but need more of his product. His weekly budget is: Total Customers 100 Cash paying customers 80 Credit customers 20 Net Revenue...
inability versus Growth. Suppose young entrepreneurs running a lemonade stand make a $10 nday one (i...
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Identify a project that you are planning to pursue either at home or at work. List...
Identify a project that you are planning to pursue either at home or at work. List all of the components, decision points, and chance events. What is the measure of success for the project? Assuming that there is more than one measure, how can you reconcile them? What experiences have you had with group decision making? What difficulties do you see arising when trying to perform a multiple-criteria analysis with many interested parties involved? How might these difficulties be overcome,...
Suppose that you would like to open your own auto garage. You have picked out a...
Suppose that you would like to open your own auto garage. You have picked out a location, obtained the proper permits, signed a lease, and found people who want to work for you. Now you need to decide if you should open a franchise or open the garage independently. Which of the factors below might cause you to go with a franchise? Choose one or more: D A You want to operate as cheaply as possible, avoiding any unnecessary expenses...
========================= MANAGERIAL ACCOUNTING QUESTIONS Please answer ALL in DETAILS to get upvote Thanks!!! You operate a...
=========================
MANAGERIAL ACCOUNTING QUESTIONS
Please answer ALL in DETAILS to get upvote
Thanks!!!
You operate a lemonade stand. The wholesale cost of lemonade is $0.50 per unit. The cost of rent for the stand is $30 per day. You need to choose your pricing and advertising strategy. You are considering three alternatives: A: If you set the selling price to $1.50 per unit and spend $0 on advertising, you will sell 160 units per day. B: If you reduce the...
4. Suppose that last year you started your own brewery. You had $90,000 in explicit costs, which included the wages you...
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...
You operate a lemonade stand. The wholesale cost of lemonade Is $0.50 per unit. The cost of rent for the stand is $50 per day. You need to choose your pricing and advertising strategy. You are considering alternatives: A: If you set the selling price to $1.50 per unit and spend $0 on advertising, you will sell 120 units per day U: If you reduce the selling price to $1.20 per unit and spend $0 on advertising, you wll sell...
Case Overview:
You are an intelligent ten-year-old child who wants to start a
lemonade stand. You live in Duluth, Minnesota in a middle class
neighborhood, with all of the benefits and constraints of a typical
child of that age. As a start, you have outlined three possible
business plans:
Fresh Squeezed Plan:
Your mother has agreed to loan you $5 to get your fresh squeezed
lemonade stand started and she will let you use her lemon squeezer
at no charge,...
inability versus Growth. Suppose young entrepreneurs running a lemonade stand make a $10 nday one (i = 1) and then take half of the profit to reinvest in preparation for the next day. n day two, they make $5 and reinvest $10/3, and so on for subeequent days on to infinity. Compose 4rofit on day one (i 1 tbe sum of the net daily balance over all days and determine its total value.
Suppose that you would like to open your own auto garage. You have picked out a location, obtained the proper permits, signed a lease, and found people who want to work for you. Now you need to decide if you should open a franchise or open the garage independently. Which of the factors below might cause you to go with a franchise? Choose one or more: D A You want to operate as cheaply as possible, avoiding any unnecessary expenses...
=========================
MANAGERIAL ACCOUNTING QUESTIONS
Please answer ALL in DETAILS to get upvote
Thanks!!!
You operate a lemonade stand. The wholesale cost of lemonade is $0.50 per unit. The cost of rent for the stand is $30 per day. You need to choose your pricing and advertising strategy. You are considering three alternatives: A: If you set the selling price to $1.50 per unit and spend $0 on advertising, you will sell 160 units per day. B: If you reduce the...
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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