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If an accountant were to calculate total cost, the accountant would be sure to include only...
to an accountant, total cost includes To an accountant, total cost includes Multiple Choice Ο neither...
to
an accountant, total cost includes
To an accountant, total cost includes Multiple Choice Ο neither implicit nor explicit costs. Ο implicit, but not explicit, costs. Ο explicit, but not implicit, costs. Ο explicit and implicit costs.
what is the total number of atoms in molecules reacting b. times total cost. c. minus...
what is the total number of atoms in molecules reacting
b. times total cost. c. minus total cost. d. divided by total cost. 4. A firm's opportunity costs of production are equal to its a. explicit costs only b. implicit costs only. c. explicit costs+ implicit costs. d. explicit costs + implicit costs+ total revenue. 5. Explicit costs a. require an outlay of money by the firm. b. include all of the firm's opportunity costs. c. include the value of...
$ 27,000 Total (gross) revenues per month less explicit costs: Cost of merchandise sold Wages to...
$ 27,000 Total (gross) revenues per month less explicit costs: Cost of merchandise sold Wages to cashier, stock, and delivery help Rent and utilities Taxes Total explicit costs Accounting profit (revenue minus explicit costs) less implicit costs: Wages of owner-manager, 300 hours @ $10 per hour Return on inventory investment, 10% per year on $120,000 Total implicit costs Economic profit (revenue minus all costs) $ 17,000 2,500 800 700 $ 21,000 $ 6,000 $ 3,000 1,000 $ 4,000 $ 2,000...
Use the information in the table below for the Question. Explicit and Implicit). Total revenue: 2000000...
Use the information in the table below for the Question. Explicit and Implicit). Total revenue: 2000000 Wages and Salaries: 1000000 Materials: 600000 Interest: 50000 Other payments: 100000 Foregone Salary: 200000 Foregone Rent: 20000 Foregone Interest: 10000 It gives information for a new Computer company Compustar--It gives its Revenues and its costs (Explicit and Implicit). What are Compustar's Total Explicit Costs $ ? (NO UNITS) What are Compustar's Total Implicit Costs $ ? (NO UNITS) What are Compustar's Economic Profits $ ? (NO UNITS)...
HANDOUT ABOUT PRODUCTION -CH Z Note: An explicit cost is a cost paid in money. An...
HANDOUT ABOUT PRODUCTION -CH Z Note: An explicit cost is a cost paid in money. An implicit cost is an opportunity cost incurred by a firm when it uses a factor of production for which it does not make a direct money payment Normal profit is the return to entrepreneurship. The normal profit is part of a firm's opportunity cost because it is the cost of persuading the entrepreneur of not running another business. Chapter 7 Handout. Question 2: In...
I really need the Annual Total Revenue, Explicit Costs, Total Yearly Explicit Costs, Listed Implicit Costs,...
I really need the Annual Total Revenue, Explicit Costs, Total Yearly Explicit Costs, Listed Implicit Costs, Total Yearly Implicit Costs, Yearly Accounting Profits, and Yearly Economic Profits. Clear answers to these specific things would be super helpful!! Thanks. A business entrepreneur has recently leased a small herbicide production factory. The production facility rent costs him $180 per day. In addition, he must pay $85 for the lease on conveyor line, $48 for maintenance costs, $76 for utilities, $52 for interest...
1. The Accounting cost of a good includes the [ Select ] ["monetary value", "implicit costs",...
1.
The Accounting cost of a good includes the [ Select ]
["monetary value", "implicit costs", "Explicit cost", "total
costs"]
The economic cost of a good includes the [ Select ]
["nothing else", "Implicit costs", "nothing", "total costs", "total
cost", "Explicit costs", "value", "total value"](as above)
plus the[ Select ] ["implicit value", "total costs",
"nothing else", "Implicit costs"].
2.
The realization of economic profits or economic losses sends a
strong signal to the firm regarding its production decisions....
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...
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...
2. Economies of scale refers to when: 6. Suppose Winston's annual salary as an accountant is...
2. Economies of scale refers to when:
6. Suppose Winston's annual salary as an accountant is $60,000,
and his financial assets generate $4,000 per year in interest. One
day, after deciding to be his own boss, he quits his job and uses
his financial assets to establish a consulting business, which he
runs out of his home. To run the business, he outlays $8,000 in
cash to cover all the costs involved with running the business, and
earns revenues of...
to
an accountant, total cost includes
To an accountant, total cost includes Multiple Choice Ο neither implicit nor explicit costs. Ο implicit, but not explicit, costs. Ο explicit, but not implicit, costs. Ο explicit and implicit costs.
what is the total number of atoms in molecules reacting
b. times total cost. c. minus total cost. d. divided by total cost. 4. A firm's opportunity costs of production are equal to its a. explicit costs only b. implicit costs only. c. explicit costs+ implicit costs. d. explicit costs + implicit costs+ total revenue. 5. Explicit costs a. require an outlay of money by the firm. b. include all of the firm's opportunity costs. c. include the value of...
$ 27,000 Total (gross) revenues per month less explicit costs: Cost of merchandise sold Wages to cashier, stock, and delivery help Rent and utilities Taxes Total explicit costs Accounting profit (revenue minus explicit costs) less implicit costs: Wages of owner-manager, 300 hours @ $10 per hour Return on inventory investment, 10% per year on $120,000 Total implicit costs Economic profit (revenue minus all costs) $ 17,000 2,500 800 700 $ 21,000 $ 6,000 $ 3,000 1,000 $ 4,000 $ 2,000...
HANDOUT ABOUT PRODUCTION -CH Z Note: An explicit cost is a cost paid in money. An implicit cost is an opportunity cost incurred by a firm when it uses a factor of production for which it does not make a direct money payment Normal profit is the return to entrepreneurship. The normal profit is part of a firm's opportunity cost because it is the cost of persuading the entrepreneur of not running another business. Chapter 7 Handout. Question 2: In...
1.
The Accounting cost of a good includes the [ Select ]
["monetary value", "implicit costs", "Explicit cost", "total
costs"]
The economic cost of a good includes the [ Select ]
["nothing else", "Implicit costs", "nothing", "total costs", "total
cost", "Explicit costs", "value", "total value"](as above)
plus the[ Select ] ["implicit value", "total costs",
"nothing else", "Implicit costs"].
2.
The realization of economic profits or economic losses sends a
strong signal to the firm regarding its production decisions....
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...
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...
2. Economies of scale refers to when:
6. Suppose Winston's annual salary as an accountant is $60,000,
and his financial assets generate $4,000 per year in interest. One
day, after deciding to be his own boss, he quits his job and uses
his financial assets to establish a consulting business, which he
runs out of his home. To run the business, he outlays $8,000 in
cash to cover all the costs involved with running the business, and
earns revenues of...
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