Which of the following does NOT represent a fırm's explicit costs? O the firm's total accounting costs. O the amount paid by the firm for employee health benefits. O costs related to workers salaries. O the value of the CEO's time
Q: “Cost may be classified in a variety of ways according to their nature and the information needs of…
A: Cost classification is done on the basis of various types. Types of cost Nature of expense…
Q: Engle sells chess sandwiches. The cost of ingredients (bread, meat, spices, etc.) to make a sandwich…
A: Total cost is the sum of total fixed cost and total variable cost. Average cost is given as the…
Q: The Lawn Ranger, a landscaping company, has total costs of $4,000 and total variable costs of$1,000.…
A: The data presented in the above question is as follows:- Total cost = $4000 Total variable cost =…
Q: A. Will you invest a project that requires a $ 200,000 today and returns $50,000 at the end of the…
A: Since you have asked multiple questions, we will solve the first question for you. If you want any…
Q: Which of the following cost relationships is incorrect? a. APL=TP/L b. TVC= TC-FC c. MC=change in…
A: Total cost is the sum of Fixed cost and variable cost. Fixed cost remains same at all levels of…
Q: Which of the following is the best example of a variable cost? O annual insurance payments for a…
A: The production of the various goods and services involves the cost of production. The cost of…
Q: Given the production and cost schedule for Laso Factory for tapes.Assuming that capital is the only…
A: A fixed cost is a cost that does not change with the change in the production of goods and services.…
Q: 12. If average fixed cost is 40'and average variable cost is 80/for a given output, we then know…
A: Average total cost refers to the cost per unit. In other words, the average total cost is the sum of…
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: Why can the distinction between fixed costs and variable costs be made in the short run? Classify…
A: There are some costs that will not change as the level of output changes. If the firm wants to…
Q: The differences between average total costs and average variable costs declines as a firms output…
A: The difference between average total cost and average variable cost declines as a firms output…
Q: Fixed costs decrease per unit of output as volume decreases. True O False
A: Fixed Cost is that cost which are not changed as output changed, that means if output increases or…
Q: referring to the cost table above, what is the average variable cost if quantity produced equals 400…
A: Average variable cost varies with the output produced
Q: Multiple Choice Question : 5.2) Which statement accurately describes the relationship between…
A: Answer: option a (Average fixed costs will always decline as the output increases) Explanation: The…
Q: In the short run , a firms total cost is $200 if it does not produce any units of output. Its…
A: When Q = 0, TC = TFC = $200, which stays unchanged across output levels. TC = TFC + TVC = TFC + AVC…
Q: Given the production and cost schedule for Laso Factory for tapes.Determine the average fixed cost…
A: Costs are the expenses that the firms have to incur in the production of goods and services. In the…
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: (2) Minimize the average cost for the following total cost function (TC) by finding out (a) average…
A: Since you have asked a question with multiple subparts, we will solve the first three subparts for…
Q: Classify the following costs as explicit or implicit. Explain your answer ABC Company spent $1000…
A: Explicit cost :- Those cost which is actually incurred by the organization is called explicit cost.…
Q: Calculate Total revenue given that accounting profit is $340 and the explicit cost is $600
A: The data presented in the question above is:- Accounting profit = $340 Explicit cost = $600 Total…
Q: Use the following scenario to answer the questions that follow. Steve owns a bike store. His total…
A: (A) Variable cost refers to the cost that does change with change in level of output.
Q: In a recently opened shopping mall, Jagdeep sells handmade coffee mugs in abooth for $25 each and…
A: The break-even point is a level of quantity at which the total revenue generated from the sale of…
Q: A division of a company produces income tax apps for smartphones. Each income tax app sells for $7.…
A: *ANSWER :-
Q: Average total costs are falling Average total costs are rising Average total costs are minimized O…
A: Average total cost is alluded to as the aggregate of all creation costs partitioned by the total…
Q: If Mark produces five pairs of shoes, his total costs are a. $400 b. $370 c. $360 d. $320
A: Total cost is the sum of fixed cost and variable cost.
Q: The lawn ranger , a landscaping company , has total costs of $5,000 and total fixed cost of $3000…
A: Given information: Total costs = $5000 Total fixed cost = $3000 TC = TFC+TVC 5000 =…
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: Given the total cost function TC - 2,000 + 2*Q. when output is 1,000 units average total costs are.…
A: The formulas for cost are: 1. Total Cost = Fixed Cost + Variable Cost 2. Average Total Cost = Total…
Q: which of the folowing cost curves look the same MC AND AC TC AND AC AVC AND AFC ATC AND AVC
A: Average cost refers to the total cost per unit of output. Marginal cost is the change in total cost…
Q: Which of the following statements about cost drivers in ABC systems is FALSE? 1 cost driver for a…
A: Economics is a branch of social science that describes and analyzes the behaviors and decisions…
Q: Total costs increase from $1,500 to $1,800when a firm increases output from 40 to50 units. Which of…
A: With MC is constant then it means that that the cost of producing each 10 units is same. Therefore…
Q: Explicit costs are and implicit costs are O Paid in money; incurred when a firm gives up an…
A: A paid in money and secondly it is incurred in giving up the alternate action. Explicit costs are…
Q: Water Works Plumbing Company is a small owner-managed plumbing services company that serves the…
A: Disclaimer:- Since you asked multipart question we are solving the firs 3 subparts as per guidelines…
Q: Which of the following statements is correct? A. Accounting profit is typically larger than economic…
A: Economics is a branch of social science that describes and analyzes the behaviors and decisions…
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: The Framing Gallery frames posters and has total fixed costs of $1,000. The Framing Gallery is…
A: Answer: Any production activity composed of fixed costs and variable cost, fixed cost remains fixed…
Q: Why can the distinction between fixed costs and variable costs be made in the short run? Classify…
A: Costs refer to the expenses incurred by the producer to produce services and goods. Wage, rent,…
Q: "Spreading overhead" refers to O A decrease in the average fixed cost as output rises O An increase…
A: Spreading overhead refers to using an allocation method to distribute the indirect overhead costs…
Q: 560 and total variable costs as indicated in the table. Complete the table and check your…
A: *Answer:
Q: Emco Company has an assembly line of fixed size A. Total output is a function of the number of…
A: MPL = Change in Q / Change in L APL = Q / L L Q MPL APL 0 0 1 10 10 10 2 35 25 17.5…
Q: During the last few days the Superior Company has been running into problems with its computer…
A: 'A' is a total cost of 1 unit and we know the average total cost from the table for 1 unit and that…
Q: Which of the following is most likely to be a variable cost for a firm? an annual payment for…
A: Fixed cost does not depend on production whereas variable cost does. Variable cost increases with…
Q: Given below is a cost schedule of an automobile company operating in Kota Kinabalu. Total Product…
A: Meaning of Cost: The term cost refers to the situation under which a firm occurs various expenses…
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…
Step by step
Solved in 2 steps
- Which costs are measured on per-unit basis: fixed costs, average cost, avenge variable cost, variable costs, and marginal cost?Inventory Costing Methods—Periodic MethodThe Luann Company uses the periodic inventory system. The following July data are for an item in Luann's inventory: July 1 Beginning inventory 30 units @ $9 per unit 10 Purchased 50 units @ $11 per unit 15 Sold 60 units 26 Purchased 25 units @ $13 per unit Calculate the cost of goods sold for July and ending inventory at July 31 using (a) first-in, first-out, (b) last-in, first-out, and (c) the weighted-average cost methods. Note: Round your cost per unit to three decimal places, if needed. Then round your final answers to the nearest dollar. A. First-in, First-out: Ending Inventory Answer Cost of Goods Sold: Answer B. Last-in, first-out: Ending Inventory Answer Cost of Goods Sold: Answer C. Weighted-average cost: Ending Inventory Answer Cost of Goods Sold AnswerTrue/False: 1. Implicit costs are those costs, which have been incurred in the past and cannot be recovered bycurrent decisions.2. It is possible for the economic profit and accounting profit to be equal to one another.3. If Ed<1, an increase in price leads to higher revenue.4. In the long run, at least some of the inputs should be variable.5. Production is a transformation of resources in to goods and services.
- According to Accountants cost of production consist of both explicit and implicit cost ----a) Yes.b) Not surec) Falsed) none of the mentionedSuppose a firm decided to leave a high-cost/ high-tax state like California to reloacte to a low-cost / low-tox state like Nevada. They are doing this because they will be able to save 30 percent on the cost of their labor (employees) and becouse the Nevada state government is giving them generous state tax incentives for new machinery and free land. This decision would be a good example of economies of scale. (Telsa car battery factocy story) True or FalseAn explicit cost is: Select one: a) An implicit cost to the factor of production owner who recieves that payment b) a money payment made for factors of production not owned by the firm itself c) is the cost of the forgone alternative incurred by the individual after making choices d) omitted when accounting profits are calculated e) always in excess of a factor of production's oppurtunity cost
- ECONOMICS UPVOTE WILL BE GIVEN. PLEASE WRITE THE SOLUTIONS LEGIBLY. NO LONG EXPLANATION NEEDED. An ice cream producer has fixed costs of Php 3,500,000 per month, and it can produce up to 15,000 ice cream tubs per month. Each tub costs Php 500 in the market while the producer faces variable costs of Php 150 per tub. a. What is the economic breakeven level of production? b. Calculate the ice cream producer’s monthly profits at full capacity. c. What would happen to the monthly profits if another ice cream producer entered the market, driving the price of ice cream tubs down to Php 350 per unit?N3 From a marginal analysis perspective, what is the inventory carry cost for Andrews if the company carries one additional unit of Awe in inventory at the end? (material cost per unit = $9.73 ) (labor cost per unit =$ 9.11)(total variable cost = $35,799) select 1 $2.47 $1.37 $4.93 $11.45Units of fixed input K Labor Hours (L) Output (Q) TFC TVC TC AFC AVC ATC MC 3 0 0 90 0 90 0 0 0 0 3 1 4 90 20 110 22.5 5 27.5 5 3 2 90 90 40 130 1 0.444 1.444 0.233 3 3 160 90 60 150 0.563 0.375 0.938 0.286 3 4 200 90 80 170 0.45 0.400 0.85 0.5 3 5 230 90 100 190 0.391 0.435 0.826 0.667 3 6 250 90 120 210 0.36 0.480 0.84 1 3 7 260 90 140 230 0.346 0.538 0.885 2 3 8 265 90 160 250 0.340 0.604 0.943 4 If the price of the output is $1, how many units of output should the firm produce to maximize profit? What is the firm’s profit level?
- Units of fixed input K Labor Hours (L) Output (Q) TFC TVC TC AFC AVC ATC MC 3 0 0 90 0 90 0 0 0 0 3 1 4 90 20 110 22.5 5 27.5 5 3 2 90 90 40 130 1 0.444 1.444 0.233 3 3 160 90 60 150 0.563 0.375 0.938 0.286 3 4 200 90 80 170 0.45 0.400 0.85 0.5 3 5 230 90 100 190 0.391 0.435 0.826 0.667 3 6 250 90 120 210 0.36 0.480 0.84 1 3 7 260 90 140 230 0.346 0.538 0.885 2 3 8 265 90 160 250 0.340 0.604 0.943 4 If the firm produces 265 units of output and sells it at $1 per unit, is it making profits or losses? How much are they making?A jeweler has hired a craftsman to make handmade jewelry. All items produced are identical, but the jeweler notes that the 15th item produced costs $425 while the 30th item produced costs $375. What is the percentage change in labour cost when output is doubled from 15 to 30? a.-11.8% b.13.3% c.-13.3% d.11.8% e.88.2%