What is the difference between economic costs and accounting costs? Explain it in your own words and not from google.

Q: Joe quits his computer programming​ job, where he was earning a salary of$70,000per​ year, to start…

A: Accounting cost is the cost that is seen as money out from the bank account and recorded in the…

Q: How do fixed costs change over the long-term? Do costs get re-categorized into a variable cost when…

A: Fixed costs are the costs that do not change with the change in quantity while variable costs are…

Q: Define the term semi-variable costs?

A: The costs incurred by a producing agent in the procurement of factor inputs for the production of a…

Q: Distinguish between implicit and explicit costs. How is it possible to have positive accounting…

A: Any cost that has already occurred but is not shown or reported as a distinct item is referred to as…

Q: After one month of operation, UCC Cafe decided to shorten its business hours and close on weekends.…

A: When UCC cafe reduced business hours and weekends holiday. It considered variable cost.

Q: Your local pet café has the following costs: $3,000 per month in rent, $5,000 per month in wages,…

A: Firms operating in a market incur fixed costs and variable costs. Fixed costs are the costs that do…

Q: Your aunt is thinking about opening a hardware store. She estimates that it would cost $500,000 per…

A: The opportunity cost refers to the value or cost of the next best alternative among all available…

Q: what is coasian transaction cost?

A: In environment economics, externalities are caused to any third parties as a result of a transaction…

Q: Use the table and graph below to answer the following question: identify the ATC, AVC, and MC…

A: In the mentioned question we have been asked which curve is AVC, ATC and MC. Also it is asked which…

Q: A young chef is considering opening his own sushi bar. To do so, he would have to quit his current…

A: Implicit cost is the opportunity cost.

Q: Find the following costs from the table given below.

A: Cost is the monetary value which has been spent by a company to produce something or for providing a…

Q: Calculate VC, AC, MC, AVC, AFC, and graphically shows the calculated and given costs. Quantity Fixed…

A: Costs refer to the amount the is incurred for using the factors of production to produce goods and…

Q: Refer to the information provided in Figure below to answer the question that follow. Costs ($) TC…

A: Below is the edited graph:

Q: FIRM X SPENT $100m to upgrade its equipment last year. this year, the amount represents: a. An…

A: Taking definition of each statement An accounting cost : its cost of operating a business it…

Q: Identify yes or no as to whether or not each of these costs would be relevant for the decision on…

A: Business have two types of cost. fixed and variable fixed cost cannot be shifted and have to be…

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: Use the following table to calculate AVC - use previous calculations and keep your calculation for…

A:

Q: Distinguish between explicit and implicit costs, giving examples of each. What are some explicit and…

A: Cost is the expenditure incurred by firms on the production of goods and services.

Q: The way in which accountants and economists analyse the costs of a firm differ. Discuss the…

A: Costs are the expenses being incurred for running a business. There are different types of costs…

Q: What are their implications for cost and return?

A: The method of directing capital among savers to organizations that require it is known as finance.

Q: Jacob, a chef who lives in the community, is really excited to start his own cookbook. He found a…

A: STEP 1: The break point is the point where a firm neither earns profit nor incur loss. At this point…

Q: Identify the explicit costs incurred by this business. Why are they explicit costs?

A: Since you have asked multiple questions, we will solve the first question for you. If you want any…

Q: What cost would an accounting statement reveal should current decisions be based on accounting cost.

A: Accounting statement should reveal the cost of production,cost of capital.

Q: How to calculate the Average cost of producing 1, 2,...15

A: average cost = C/Q = 1000 + 100*Q for every Q we first calculate the C by using the formula C=1000+…

Q: Eduardo has $7,000 in savings. His bank pays 6% interest per year on savings. He withdraws all of…

A: Economic costs = Direct costs + Opportunity cost.

Q: Joe quits his computer programming job, where he was earning a salary of $60,000 per year, to start…

A: Here we calculate the economic and accounting profit of Joe by using the given information so the…

Q: While reviewing a page of cost details provided by your accountant, you spill coffee on it and make…

A: Total Cost = Fixed Cost + Variable Cost  Marginal Cost is the additional cost incurred by the…

Q: A worker fell from the roof of a 2 storey building due to lack of fall protection. He incurred head…

A: It is given that the worker fell from the roof of a 2-story building and incurred head fractures. He…

Q: TC = 4,500 + 5Q2 MC = 10Q What is the average total cost equation? a. b. C. d. ATC= 4500Q + 5 ATC=…

A:

Q: Cost of Homework. These distinctions between economic and accounting costs apply also to the…

A: The economics as a study is associated with the use of decision making, and choice making, as the…

Q: QUESTION 3 Big Boss Company produces 16 units of output at a total cost of $2,142. If the fixed…

A: Answer : Here first find total variable cost Total variable cost = Total cost - Total fixed cost =…

Q: 1. List the explicit costs and then list the implicit costs . Be sure to properly LABEL them so that…

A: The key motive that drives the firms to operate in a market is profit. Profit is the difference…

Q: Can you please answer parts d & e below only as you have answered the first 3 parts previously:…

A: Given; Fixed cost= 50000 Average variable cost= 10000Q+Q20000

Q: Average Average Fixed Variable Output 1 Cost Cost $50.00 25.00 $100.00 2 80.00 3 16.67 66.67 4 12.50…

A: Cost refers to the all the expenses and expenditure that incur in a process of production of goods…

Q: What type of cost is included in economic costs, but not included in accounting costs? a. Explicit…

A: Accounting cost includes all the explicit cost. In other words, all the payment made by the business…

Q: Thomas, a highly successful manager, quit his job in a large retail store so that he could start his…

A: The key motive that drives the firms in a market is profit. Profit is calculated by subtracting…

Q: Give an example of the Equivalent Annual Operating Cost?

A: Equivalent Annual operating cost is an annual cost of operating cost.

Q: How Toyota Motors operate their economies of scale?

A: In economics, the costs of production can be studied under two time periods- the short run and the…

Q: why is the working capital productivity in an electronics firm an important factor?

A: When  a product or a merchandise is manufactured, cost  takes place and process of business follow…

Q: Imagine a smartphone company has the following costs when they produce 200 phones: $50 in average…

A: When some product is manufactured, cost  takes place and process of business gets accelerated.…

Q: computer system. The last run of the production cost schedule resulted in the incomplete listing…

A: ATC is the ratio of total cost and output.  Marginal cost is the change in total cost due to change…

Q: Create a table and indicate whether the following costs are fixed costs or variable costs if the…

A: In any given period, fixed costs are consistent. Variable costs vary depending on how much output is…

Q: Question: The costs which vary as the level of putput varies are called: ) Prime costs ) Indirect…

A: Cost basically refers to the monetary value of goods or services that the consumers buy and the…

Q: .Accounting costs and explicit costs are the same. a. True b. False

A: # Explicit cost are a part of company's general ledger and such costs are always recorded for…