Implicit and explicit costs are different in that: Multiple Choice the former refer to nonexpenditure costs and the latter to out-of-pocket costs. implicit costs are relevant only in the short run. explicit costs are relevant only in the short run. the latter refer to nonexpenditure costs and the former to out-of-pocket costs.

Q: Activity‐based costing achieves more realistic allocation of overhead costs by associating these…

A: Activity-based costing (ABC) is a costing strategy that allocates overhead and aberrant expenses to…

Q: Briley Cosmetics manufactures and distributes a wide range of skin care products. A recent order has…

A: Given: The quantity orders received of face cream = 10,000 The quantity orders received of body…

Q: Indicate whether each of the following is anexplicit cost or an implicit cost.a. A manager’s…

A: Explicit Costs are costs that are directly incurred by the business. They can be seen in the…

Q: Misleading product cost numbers are most likely the result of misallocating 1 direct material cost 2…

A: Economics is a branch of social science that describes and analyzes the behaviors and decisions…

Q: Water Works Plumbing Company is a small owner-managed plumbing services company that serves the…

A: Quasi - fixed means that those labor prices that do not change with hours worked however do change…

Q: Which of the ff statements are true about cost function a. It estimate the total cost of production…

A: A cost function shows how production expense changes with change in the output level.

Q: All of the following are examples of common fixed costs except Multiple Choice sales commissions…

A: Fixed cost are that cost which is fixed in nature , which is not changing so we can find the answer…

Q: impact of fixed and variable cost on break even analysis

A: Fixed and variable costs are the two costs that are considered to be an important costs that a firm…

Q: Large costs incurred in an investment that cannot be easily recovered are called

A: Investment is basically a resource that is made fully intent on permitting cash to develop. One,…

Q: Gooey Bites sells snack packs for $3 per pack. Variable expenses involved in producing snack packs…

A: The total cost function is the aggregate of all fixed and variable costs incurred in the process of…

Q: Determine if the statements and expressions regarding costs are true or false. The ATC is always…

A: “Since you have posted a question with multiple sub-parts, we will solve first three subparts for…

Q: Short-run costs that do not depend on the level of output are A) total variable costs only. B) total…

A: The cost is the money spent to purchase the factor of production by the producer. There there are…

Q: How would the following cost be classified? Rent that would be received if an owned building were…

A: In economics, costs are classified based on their impact on an individual such as direct cost or…

Q: Water and electricity used in manufacturing company is an example of: A Manufacturing overhead -…

A: The markets are the place where the buyers of various goods, and services tend to meet and interact…

Q: When traditional absorption costing is employed, which of the following is false? A In a…

A: Economics is a branch of social science that describes and analyzes the behaviors and decisions…

Q: mine if the The ATC is rising when the MC is below the ATC. ATC= True FC + VC Q Answer Bank All…

A: Cost, in like manner use, the financial worth of labor and products that makers and shoppers buy. In…

Q: Diseconomies of scale occur mainly because

A: Diseconomies of scale is associated with the increasing cost per unit with increase in the scale of…

Q: Economic profit is: total revenue minus explicit costs. total revenue minus explicit and implicit…

A: Total revenue is the product of price and quantity sold.

Q: Economic costs of an input include both implicit and explicit costs. only explicit costs. only…

A: The expenses that are being incurred for carrying out transactions of a business are known as costs.…

Q: Which of the following is most likely to be an implicit cost?* rental income foregone on assets…

A: NOTE: .We’ll answer the first question since the exact one wasn’t specified. Please submit a new…

Q: Using organization's existing under-utilized resources or capabilities (technologies, distribution…

A: The organization's existing under utilised resources  or capabilities result in the efficient…

Q: Implicit costs are Multiple Choice ) the same as economic costs. comprised entirely of actual…

A: When computing the cost associated with a specific task or event, an individual looks into two types…

Q: Average fixed cost Multiple Choice may be found by adding average variable cost and average total…

A: Average fixed cost:- Average fixed cost is fixed cost of production per unit of output.…

Q: Why can the distinction between fixed costs and variable costs be made in the short run? Classify…

A: Variable costs are the costs of a business and are related to the number of products or services it…

Q: It costs a firm $200 per unit to produce product A and $350 per unit to produc together at $500 per…

A: There two type of action in which firm can work (i) scale and (ii) scope , if the firm work good in…

Q: Which of the following does NOT represent a fırm's explicit costs? O the firm's total accounting…

A: Explicit cost is the actual monetary expenditure to run a business Implicit cost is the opportunity…

Q: Determine if the statements and expressions regarding costs are true or false. True False Average…

A: We can re-create the table correctly as follows.

Q: marginal factor cost is the extra cost of producing one more unit of output. True False

A: The marginal factor cost is the extra cost of engaging extra unit of input or factor.

Q: • Create a table showing sample fixed and variable costs and output at different levels of factor…

A: Here is the table created with sample fixed and variable costs. The formula are also mentioned for…

Q: You are interested in starting a used car dealership in your country. Provide examples with…

A: Implicit cost is simply the cost provided variables of creation and hence are not paid in money…

Q: Diseconomies of scale exist over the range of output for which the long-run average cost curve is a.…

A: The firms are considered to be the producers who work with the motive of earning maximum possible…

Q: The following are common examples of variable costs except A All of the above (B) Utilities…

A: The firms have to incur various types of costs to produce the goods and services in the economy. The…

Q: State whether actual (A) or estimated (E) costs are more likely to be used to carry out the…

A: The actual cost is the actual payment that does not vary in a transaction. On the other hand, the…

Q: All of these statements about the production function are true EXCEPT a) the curve features 3…

A: a,b and c apply for production function Difference between firm and market specific risk cannot be…

Q: Sanchez Trucking has been experiencing delays at its warehouse operations. Management hired a…

A: * SOLUTION :-  (7) Given that ,

Q: c) In merging with Air Jamaica, Caribbean Airlines sought to gain an advantage from operating with…

A: The airlines when combined would result in the formation of cartel and merging forms a monopoly…

Q: Yamaha company sells auto parts. One of auto part has selling price for $110. Yamaha company buys…

A: Given,   Selling price = $110  Variable cost (VC)= $80            Average unit sold = 40 units

Q: Indicate whether each of the following is an explicit cost or an implicitcost.a. A manager's…

A: Note:- Since we can only answer up to three subparts, we'll answer the first three. Please repost…

Q: A firm earns normal profit Selected Answer: c. when explicit costs equal implicit costs. Answers: a.…

A:

Q: The cost that cannot be recovered if a firm goes out of business is known as __________. a. Cost of…

A: If a firm goes out of business then some of the costs can not be recovered such as Advertising…

Q: While drawing cost curves, the state of technology must be kept constant True/False

A: # Cost curve is drawn taking into use th fixed cost of the firm and the variable cost incurred by…

Q: If a hospital cafeteria is the activity to receive indirect cost allocation for the year, cost…

A: Indirect cost is the cost of something that is not directly involved in making a particular product…

Q: Deviations from standard costs can be caused by I. Variations in the per unit cost of labor and/or…

A: The standard cost is estimated in the beginning of the production or an estimated cost of producing…

Q: Compare and contrast economies of scale and economies of scope. Give an example of each from your…

A: Introduction Economies of scale: Economies of scale occur when the quantity of goods increases and…

Q: Which of the following describes an implicit cost? NO opportunity cost is involved. NO outlay of…

A: Cost can be of two types, explicit cost and implicit cost.