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Cost functions are derived from __________
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- The average cost function is:- 21Q - 33 Calculate the total cost functionAzree an accountant, working for a foreign consultant firm and earning RM 78,000 per year is contemplating giving up his job and set up his own tax consultant firm. He estimates that renting an office would cost RM 780 per month, hiring a secretary with salary RM 1,500 per month and purchasing for required supplies would cost him RM 10,000 per annum. He estimated that his total revenues for the year would be RM 120,000. a)Define the explicit cost and implicit costThe company you work for currently allocates insurance costs on the basis of cost per direct labor hour. This indirect cost component for the year is budgeted at $36,000. If the annual direct labor hours for departments A, B, and C are expected to be 2000, 8000, and 5000, respectively, determine the allocation to each department.
- Which one is corect? An understanding of the underlying behavior of costs helps in all of the following EXCEPT: sales volume can be better estimated process inefficiencies can be better identified and as a result improved true costs can be better evaluated costs can be better estimated as volume expands and contractsThe Department of Defense uses area cost factors (ACFs) to compensate for differences in construction costs in different parts of the country (and world). The area cost factor for Waianae, Hawaii is 2.19 and for Moody, Alabama is 0.83. If a cold-storage processing warehouse will cost $1,350,000 in Moody, Alabama, what would be the monetary difference in cost for a similar warehouse constructed in Waianae, Hawaii.If the total fixed cost is given as $320 And the total variable cost is given as $ 480 What would be the total cost?
- Which of the following best defines a sunk cost? A. Costs that have already been incurred and cannot be recovered. B. The variable costs associated with increasing production. C. The total costs including both fixed and variable costs. D. Future costs that are expected to be incurred as a result of current decisions.Using annual cost method, what is the total annual cost of machine A, B, C, D.Classification analysis as the method for approximation of variable and fixed costsa) Is using for cost classification at fixed and variable elements an expert approximationb) Is using for cost classification at direct and indirect (overhead) elements empirically-statistical approaches. c) is using for cost classification at fixed and variable elements mathematical and statistical approachesd) None of the previous answers is correct.
- For the long- run total cost function LTC (Q) = Q2 + 10 Sketch ATC, AVC, AFC, and MC.Explain which cost concept should be used in decision making and why. The explanation should include the following terms/relationships;accounting profit,economic profit as wellownership of factors of productionThe estimated cost for a multitube cyclone system with a capacity of 60,000 cubic feet per minute is $450,000. (a) If the $200,000 actual cost for a 35,000 cubic feet per minute system was used in the cost-capacity equation, what was the value of the exponent? (b) What can be concluded about the economy of scale of the costs between the two systems?