Homework Answers
D) accounting cost
Within the savings account, the profit that is earned, the amount that is paid for it, is called accounting cost.
Diminishing cost
. Cost incurred by the producing firm for additional production of each output unit
The cost that is incurred outside the production firm is explicit cost and the cost that is incurred during the use of the asset or production factor within the production farm is implicit cost.
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How would the following cost be classified? Savings that could have been earned on a savings...
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...
If an accountant were to calculate total cost, the accountant would be sure to include only...
If an accountant were to calculate total cost, the accountant would be sure to include only implicit costs. Oinclude only explicit costs include both implicit and explicit costs include neither implicit nor explicit costs. D | Question 5 A business pays incom taxes on O its economic profht. O its accounting proft O its marginal revenue. its total revenue. D Question 6 The choices regarding future production for a business owner is most influenced by her O economic costs. O...
Rita quit her job as dentist where she earned $150,000/year and converted a house that she...
Rita quit her job as dentist where she earned $150,000/year and converted a house that she owns into a museum for her collection of clocks. Before doing this, Rita had been renting the house out for $20,000/year. Rita hired 2 employees for her museum at a total cost of $50,000/year, and had to pay $10,000/year for utilities. Her museum brought in revenues of $125,000 the first year. Someone even offered her $1,000,000 to purchase her entire collection of clocks. She...
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...
Al quit his job as a manager at a Savings bank where he earned $90,000 a...
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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...
QUESTION 5 A value of business owner's time would be considered as opportunity cost. O explicit...
QUESTION 5 A value of business owner's time would be considered as opportunity cost. O explicit cost. fixed cost. variable cost. QUESTION 6 Scenario. Melissa is a farmer who produces blueberries. In the last year she produced 6000 pounds of blueberries and sold it at a price of $5 per pound. To produce she incurred a variable costs of $28,000 and a total cost of $40,000. If Melissa had an offer to work in another farm she could have earned...
At the end of the current year, $17,555 of fees have been earned but have not been billed to clients.
At the end of the current year, $17,555 of fees have been earned but have not been billed to clients. Journalize the adjusting entry to record the accrued fees. Refer to the Chart of Accounts for exact wording of account is.Prospect Realty Co. pays weekly salaries of $27,600 for a six-day workweek (Monday thru Saturday). Journalize the necessary adjusting entry assuming that the accounting period ends on Friday. Refer to the Chart of Accounts for exact wording of account titles.
Which of the following would be classified as a prime cost? O A. cost of direct...
Which of the following would be classified as a prime cost? O A. cost of direct materials used B. salary of sales personnel O C. depreciation on factory equipment OD. depreciation on office furniture
QUESTION 4 Assuming each unit of variable inputs cost the same, marginal cost will increase as...
QUESTION 4 Assuming each unit of variable inputs cost the same, marginal cost will increase as output increases if O Variable cost is rising. Total cost is rising Marginal physical product is rising. Marginal physical product is falling QUESTION 5 In the short run, when a firm produces zero output, total cost equals: O fixed costs. variable costs O zero. O average total cost. QUESTIO Economic cost includes: O Only the value of resources used to produce a good for...
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...
If an accountant were to calculate total cost, the accountant would be sure to include only implicit costs. Oinclude only explicit costs include both implicit and explicit costs include neither implicit nor explicit costs. D | Question 5 A business pays incom taxes on O its economic profht. O its accounting proft O its marginal revenue. its total revenue. D Question 6 The choices regarding future production for a business owner is most influenced by her O economic costs. O...
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...
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...
QUESTION 5 A value of business owner's time would be considered as opportunity cost. O explicit cost. fixed cost. variable cost. QUESTION 6 Scenario. Melissa is a farmer who produces blueberries. In the last year she produced 6000 pounds of blueberries and sold it at a price of $5 per pound. To produce she incurred a variable costs of $28,000 and a total cost of $40,000. If Melissa had an offer to work in another farm she could have earned...
Which of the following would be classified as a prime cost? O A. cost of direct materials used B. salary of sales personnel O C. depreciation on factory equipment OD. depreciation on office furniture
QUESTION 4 Assuming each unit of variable inputs cost the same, marginal cost will increase as output increases if O Variable cost is rising. Total cost is rising Marginal physical product is rising. Marginal physical product is falling QUESTION 5 In the short run, when a firm produces zero output, total cost equals: O fixed costs. variable costs O zero. O average total cost. QUESTIO Economic cost includes: O Only the value of resources used to produce a good for...
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