Q: 1. Explain the difference between an implicit cost and an explicit cost, and how both costs relate…
A: 1. Implicit cost is the cost that has already occurred in the past. However, these are not direct…
Q: a cost but accountants would not? O the interest income given up by the firm's owner because the…
A: For the most part, implicit expenses should be assessed and are not straightforwardly quantifiable,…
Q: ECONOMIC vS. ACCOUNTING COSTS The cost curves we observed here are based on real production…
A: The markets are the place where the buyers of products tend to meet and interact with the seller of…
Q: The per-unit cist of an item is its average total cost=(=total cost/quantity). Suppose that a new…
A: a.)Total cost:Total cost can be calculated as follows:
Q: -*s) A Company uses normal costing. It allocates manufacturing overhead costs using a budgeted rate…
A: Here we calculate the following overhead rates by using the given information so the calculation of…
Q: 4. Ball Bearings, Inc., faces costs of production as follow Quantity Total Fixed Cost Total Variable…
A: given that, total fixed cost and total variable cost we have to find firms profit or loss and was…
Q: Which of the following is a variable cost? a. Raw materials costs b. Interest payments c.…
A: Variable cost can be defined as the cost which depends on the level of output.
Q: ADVANCED ANALYSIS A firm faces the following costs: total cost of capital = $2,50O; price paid for…
A: a. TC = $2500 + 100 x $14 + 450 x $4 TC = $2500 + $1400 + $1800 TC = $5700 ATC = TC/Output =…
Q: (a) What is the Predetermined overhead rate? (Round your answer to 2 decimal places.) Predetermined…
A: Here, the mention question example given shows the correct formula. The predetermined overhead rate…
Q: 6 Ahmed's Pizza House sells extra-large deluxe pizzas at OMR 9.000 per pizza. The cost of…
A: Answer - Given in the question - Price of extra-large Deluxe pizza = OMR 9.00 Cost of Ingredients to…
Q: a) Does the product function provide constant, increasing, or decreasing scale benefits? b) Kjell…
A: x = 100N0.8K0.2 When both inputs are doubled, new production function is x* = 100 x (2N)0.8(2K)0.2 =…
Q: Define returns to scale and it's all aspects.
A: Returns to scale Returns to scale refers to the proportionality of changes in output when all inputs…
Q: 10. For the cost function CC) = 100 - 20 -302 the average foxed cost of producing 2 units of outout…
A: Economics is a branch of social science that describes and analyzes the behaviors and decisions…
Q: Production Total cost 80 1 100 2 115 3 140 4 170 210 Assume that these are the costs of production
A: In perfectly competitive market, firms produce identical goods. Firms do not have any control over…
Q: 11. For the cost function CIO) = 100 - 20 - 302, the total variable cost of producing 2 units of…
A: Economics is a branch of social science that describes and analyzes the behaviors and decisions…
Q: Inder which of the folowing axamples is tlikaly that the accounting profit is positive and the…
A: Economics is a branch of social science that describes and analyzes the behaviors and decisions…
Q: When a company registers zero economic profits, it may be suffering losses from the accounting point…
A: Zero economic profits: A firm is in a normal profit condition when its economic profit equals zero,…
Q: 3) If AVC = $3 when quantity is 10 then what is the total variable %3D costs?
A: Variable cost varies with the level of production.
Q: In Exhibit 7-15, diseconomies of scale are shown in the range of O a. 500 to 1,000 units per week.…
A: Diseconomies of scale surface when a firm or company increases so extensively that the costs per…
Q: The change in ourtput or total product the business would achieve in the current period byexpanding…
A: Production of a firm is the process through which the inputs are used to make the final output.…
Q: Dan wants to expand his business and use the 5 acre property he owns and rents to a local cattle…
A: Implicit cost refers to the opportunity cost of resources, which are owned by the firm or an…
Q: A microbrewery was built in 2014 at a total cost of $650,000. Additionalinformation is given in the…
A: Weighted index for 2020 (in terms of 2000 indices) can be calculated as follows.
Q: Question 2: Define categories of short term costs with formulas. Fill the missing costs in the table…
A: To complete following table we need a following formula Total Cost = Fixed cost + Variable…
Q: Danya plans to open an English course. Currently he earns Rp. 350 million per year teaching a…
A: The net gain for an organization, which is income short costs is known as accounting profit
Q: age verage Average Product Fixed Cost Variable Cost Cost Fixed Cost Variable Total (Q) (TFC) Cost…
A: A market is completely competitive assuming that each firm in the market is a value taker. A firm is…
Q: A firm had sales revenue of $1 million last year. It spent $600,000 on labor, $150,000 on capital…
A: Given: Sales revenue=$1 million Labor=$600,000 Capital=$150000 Materials=$200000 To find: Firm’s…
Q: which are two (2) sources of internal economies of scale for a business organization, please…
A: A microeconomic concept that relates to elements that lower production costs while increasing output…
Q: What is the impartance of eatimating the aver age Cost, Tatal Cast . average Fixed Cast, tatal…
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Q: (a) Explain clearly the difference between accounting cost and economic cost. (b) Explain whether…
A: Running a company necessitates a constant awareness of the financial factors that influence net…
Q: Selected accounts with some amounts omitted are as follows Work in Process Oct. 1 Balance 20,700…
A: * SOLUTION :- Given that ,
Q: Suppose that a business incurred implicit costs of $400,000 and explicit costs of $4 million in a…
A: Answer: Accounting profit = Total revenue - Explicit cost Total revenue=Price×quantityTotal…
Q: Normal profits occur when Select one: a. total revenues are greater than explicit and implicit…
A: Normal Profit exists when the difference between a company's total revenue and combined explicit and…
Q: 10. The number of Manpower required for a software project in terms of time to complete. Is called…
A: NOTE: We’ll answer the first question since the exact one wasn’t specified. Please submit a new…
Q: business incurs the following costs per unit: Labor $125/unit; Materials $45/unit and rent…
A: Total variable cost is the aggregate amount of all variable costs associated with the cost of goods…
Q: cies? Please explain na
A: The different types of efficiencies are allocative, productive, social,X, technical and dynamic.…
Q: a. Define explicit costs and implicit costs. b. Assume the following: * A firm buys a unit of…
A: Meaning of Cost: The term cost refers to the situation under which a firm occurs various expenses…
Q: t6Q*t cQ+d a Find: minimum of mc and QM- mC Min= Qm= B) Find miniMUM AVC, AVCmin,and the output whee…
A: Marginal cost is teh additional change in total cost due to an additional unit of production.…
Q: .Suppose that a business incurred implicit costs of $200,000 and explicit costs of $1 million in a…
A: Accounting profit can be calculated as follows:
Q: Explain Implicit and Explicit cost with the help of suitable example?
A: Since you have asked multiple questions, we will solve the first question for you. If you want any…
Q: Holding costs are 35 MU/unit/year. The ordering cost is 120 MU/order, and sales are reletively…
A: The optimal order quantity also known as the economic order quantity is the most cost effective…
Q: In the short term, the company produces 800 units of production. The average variable costs (AVC) 93…
A: Total cost (TC)= Total variable cost (TVC)+Total fixed costs(TFC) Total Variable Cost=Average…
Q: TVC ATC/AC 0 65 105 135 167 a. 203 244 7 293 d. 8 55 355 9 432 10 527 5. Explain why the short-run…
A: A complete table is a follows : TC = TFC + TVC AVC = TVC / Q ATC = TC / Q MC = TC - TC1 Q TFC…
Q: physical |product (TPPL) (АPPL) (MP 1 7 2 20 3 39 4 55 5 66 6 70 7 70 8 67 lculate the marginal…
A: All answers given below,
Q: The total cost of manufacturing three types of motor cars are given in the following table: Labour…
A: Total cost can be defined as the money expense incurred in the production of a good or service which…
Q: Molowing statoments is true? O An explicit cost is more important, dolar for dollar, than an…
A: Economics is a branch of social science that describes and analyzes the behaviors and decisions…
Q: In the table, the marginal product is greatest when the Total Product, Marginal Product, Average…
A: Answer to the question is as follows :
Q: Data for the break-even analysis (per month) Selling rice per unit PhP 1,000 Variable cost per unit…
A: Units Variable cost Fixed cost Total cost Total sales revenue Profit 10 =600*A2 16000 =B2+C2…
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Solved in 2 steps
- What is the relationship between marginal product and marginal cost? (Hint: Look at the curves.) Why do you suppose that is? Is this relationship the same in the long run as in the short run?Average cost curves (except for avenge fixed cost) tend to be U-shaped, decreasing and then increasing. Marginal cost curves have the same shape, though this may be harder to see since most of the marginal cost curve is increasing. Why do you think that average and marginal cost curves have the same general shape?Return to Figure 7.7. What is the marginal gain in output from increasing the number of batters from 4 to 5 and from 5 to 6? Does it continue the pattern of diminishing marginal returns? Figure 7.7 How output Affects Total costs
- What is the difference between economies of scale, constant returns to scale, and diseconomies of scale?A common name for fixed cost is overhead. If you divide fixed cost by the quantity of output produced, you get average fixed cost. Supposed fixed cost is 1,000. What does the average fixed cost curve look like? Use your response to explain what spreading the overhead means.What are diminishing marginal returns as they relate to costs?
