Accountants calculate A. the opportunity cost of all the resources the firm uses. B. economic depreciation...
Accountants calculate
A.
the opportunity cost of all the resources the firm uses.
B.
economic depreciation as part of the firm's cost.
C.
depreciation using Internal Revenue Service rules.
D.
all the firm's implicit costs but only a few of its explicit costs.
E.
All of the above answers are correct.
Homework Answers
Ans: depreciation using Internal Revenue Service rules.
Explanation:
Depreciation is the fall in the value of fixed assets. An accountant calculate it by using IRS rules.
Thus, option [C] is the correct answer.
Add Answer to:
Accountants calculate
A.
the opportunity cost of all the resources the firm
uses.
B.
economic depreciation...
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...
HANDOUT ABOUT PRODUCTION -CH Z Note: An explicit cost is a cost paid in money. An...
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Microeconomics Chapter 9. Name Emili 1. Economic cost can best be defined as any contractual obligation...
Microeconomics Chapter 9. Name Emili 1. Economic cost can best be defined as any contractual obligation that results in a flow of money expenditures resource suppliers. B. those payments for resources that involve an obvious cash transaction. C. the income the firm must provide to resource suppliers to attract ri uses. D. the opportunity cost of using a resource already owned by the firm. 2. Which of the following is most likely to be an implicit cost for C (A)....
Show me the formulas for explicit cost, implicit cost, accouting profit, and economic profit. Tell me what to do for pr...
Show me the formulas for explicit cost, implicit cost,
accouting profit, and economic profit. Tell me what to do for
problems a-d.
ASSUME THAT YOU OWN AN ENGINEERING FIRM THAT HAS THE FOLLOWING COST AND REVENUE INFORMATION FOR LAST YEAR: ........ -total revenue from operations $650,000 $650, 165,000 -wages of clerks and assistants -$100,000 of your money is invested in the firm; it could earn 5% interest if invested elsewhere (.05 x $100,000) . 5,000 -cost of inventory, supplies, and...
Question 1: Determine whether the following expense is explicit or implicit A firm makes a rent...
Question 1: Determine whether the following expense is explicit or implicit A firm makes a rent payment to a landlord for retail space. Implicit Costs Explicit Costs points Print Question 2: A firm has provided you with the following information: Total Revenue $700 Implicit Costs $450 Explicit Costs $50 What is the firm's accounting profit? $ What is the firm's economic profit? $ Question 3: An industry is said to be in the long-run when: all prices have become variable....
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...
A firm is making an economic loss of $100,000. This means that: the firm's revenues are...
A firm is making an economic loss of $100,000. This means that: the firm's revenues are less than its opportunity costs. the firm is not making an accounting profit. the firm should immediately exit the industry. the firm could increase economic profit if its resources were used in a different way. If a firm is making an economic profit of zero: it will have unhappy stockholders. it is not making an accounting profit. the firm should change to a different...
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....
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...
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...
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...
The firm type that involves sole decision maker power for the owner, unlimited liability for the owner. limited ability to raise money, and ends with the death of an owner is sole proprietorship m partnership. O corporation. all of the above. 0 none of the above. Question 2 4 pts The partnership firm type has a complex decision making process, but also has unlimited liability for the owners and is dissolved with the death of one of the owners. True...
Microeconomics Chapter 9. Name Emili 1. Economic cost can best be defined as any contractual obligation that results in a flow of money expenditures resource suppliers. B. those payments for resources that involve an obvious cash transaction. C. the income the firm must provide to resource suppliers to attract ri uses. D. the opportunity cost of using a resource already owned by the firm. 2. Which of the following is most likely to be an implicit cost for C (A)....
Show me the formulas for explicit cost, implicit cost,
accouting profit, and economic profit. Tell me what to do for
problems a-d.
ASSUME THAT YOU OWN AN ENGINEERING FIRM THAT HAS THE FOLLOWING COST AND REVENUE INFORMATION FOR LAST YEAR: ........ -total revenue from operations $650,000 $650, 165,000 -wages of clerks and assistants -$100,000 of your money is invested in the firm; it could earn 5% interest if invested elsewhere (.05 x $100,000) . 5,000 -cost of inventory, supplies, and...
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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...
A firm is making an economic loss of $100,000. This means that: the firm's revenues are less than its opportunity costs. the firm is not making an accounting profit. the firm should immediately exit the industry. the firm could increase economic profit if its resources were used in a different way. If a firm is making an economic profit of zero: it will have unhappy stockholders. it is not making an accounting profit. the firm should change to a different...
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....
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...
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