Answer:
11,303 Hrs
Explanation:
Now here, we can use the learning curve formula, which is as under:
Y = a * X^ (log of learning rate / log 2)
Here
Y is the average time taken by each unit
a is the time taken by the first unit which is 25000 hrs
X is the number of units to be produced which is 16 unit (Including the first unit)
Learning Rate is given and is 82%
So by putting values we have:
Y = 25,000 hrs * 16 ^ (Log 0.82 / Log 2)
Y = 25,000 * 16^(-0.2863)
Y = 25,000 * 0.45212 = 11,303 Hrs
Refer to the scenario below to answer the following questions.The Treble Clef sells music books, musical instruments, and novelty gifts of a musical nature. In recent years, owner Gary Zahn has served as the local representative of several musical instrument manufacturers, providing a contact person for three local schools. He sends a sample of a manufacturer's products to schools that request a demonstration or presentation. "If we don't have it, we can definitely get it for you," Gary tells all Treble Clef visitors and customers.Most walk-ins are particularly interested in a specific piece of sheet music from a particular era or just browsing among the hundreds of music knick-knacks in the store. Gary spends most of his time making presentations to beginners at the local schools and making biweekly visits to the schools to deliver instruments, make minor repairs, or pick up instruments to ship to the manufacturer for more complicated repairs.After establishing a loyal customer base, Gary was convinced that a Treble Clef Web site could benefit a variety of customers. He began with a simple Web site which provided information about the store and the types of gifts and services available. The site received so much response that Gary added a question-and-answer option. Questions poured in, ranging from "Where can I get sheet music for 'Hello, Dolly'?" to "Do you carry clarinet reeds?" to "My saxophone needs two new pads. When will you be at Elmhurst School to repair it?" The Web site is now able to accept credit card orders, and gifts can even be wrapped and shipped for no extra charge."This Web site idea was fantastic!" Gary admitted. "It allows us to be so responsive. And our novelties sales have doubled!"Which of the following best describes Treble Clef?A) click-only companyB) click-and-mortar companyC) brick-and-mortar companyD) shell companyE) buy-here pay-here companyGary sends samples of sheet music to schools for demonstration or presentation. Which of the following types of marketing is being illustrated from this statement?
A) kiosk marketing
B) ambush marketing
C) direct-mail marketing
D) telemarketing
E) direct-response television marketing
Answer:
1) Option B) Click - and - mortar company
2) Option C) Direct - mail marketing
Explanation:
1) A click and mortar company is a type of business model that has both online and offline operations, which typically include a website and a physical store.
Since Treble Clef has a website for attending to customers and also a store for physical sales, it is a click and mortar company
2)A direct - mail marketing is a marketing technique that uses a mail service to deliver a promotional piece to your target audience. Direct mail encompasses a wide variety of marketing materials, including brochures, catalogs, postcards, newsletters and sales letters.
Since Garry sends these samples of sheet music to these schools directly for presentation or demonstration, it is a direct mail marketing.
1) the choice is B) Click - and also - mortar company may be a form of business model.
2) the choice is C) Direct - to mail marketing may be a marketing technique.
What are the categories of Marketing?1) A click-and-mortar company could be a style of a business model that has both online and offline operations, which usually include a website and a physical store.
Since clef features a website for progressing to customers and also a store for physical sales, it's a click and mortar company
2) Direct - mail marketing could be a marketing technique that uses a postal service to deliver a promotional piece to your audience. junk mail encompasses a large form of marketing materials, including brochures, catalogs, postcards, newsletters, and sales letters.
Since Garry sends these samples of a piece of music to those schools directly for presentation or demonstration, it's instantaneous mail marketing.
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In order to build profitable relationship with customers, it is important to decide whom it will serve. It does this by _________ and ____________ a. MARKET SEGMENTATION, POSITIONING b. TARGET MARKETING, CUSTOMIZATION c. POSITIONING, DIFFERENTIATION d. MARKET SEGMENTATION, TARGET MARKETING
Answer:
MARKET SEGMENTATION, TARGET MARKETING
Explanation:
In marketing defining the customer that a product will serve is a very important step in making a profitable venture. If a product is promoted to a wrong customer, chances are they will not buy.
Two methods of determining who a product will serve are market segmentation and target marketing.
Market segmentation is the process by which a set of customers are divided into groups on the basis of some shared characteristics. For example education, income level, and demography.
Target marketing is a subset of the total market for a good or service. It is a group of people that have been identified and targeted for promotional efforts.
George and Susan open a dry-cleaning business together, but do not execute any documents or perform any formalities other than obtaining a "d/b/a" certificate for their business name: "G & S Clean." One day, when George is out for lunch, Susan burns a large hole in a customer's fur coat while cleaning it. Who is liable for the cost of the coat?
Answer:
G & S is liable for the damage made to the fur coat and since George and Susan are G & S's proprietors, then they are also liable.
Explanation:
A doing business certificate (DBA) allows the business to start operating under a name which is not necessarily their legal name, instead it is the name they like for their business. But the DBA certificate s issued by the state's authority, and since both George ad Susan applied for the certificate together, they are both responsible and liable.
Resale price maintenance involves a firm Group of answer choices colluding with another firm to restrict output and raise prices. selling two individual products together for a single price rather than selling each product individually at separate prices. temporarily cutting the price of its product to drive a competitor out of the market. requiring that the firm selling its product do so at a specified price.
Answer:
The correct answer is the third option: Temporarily cutting the price of its product to drive a competitor out of the market.
Explanation:
To begin with, the concept of ''resale price maintenance'' in the field of marketing and business consists in the practice where a company agrees with its distributors that those last ones will sell the product of the company at a certain price established and if the reseller does not want to do it then the company will stop doing business with it. Moreover, the main purpose of this practice is to prevent resellers to compete too fiercely on price and therefore that the resale price maintenance practice involves to temporarily cutting the price ot its product to drive a competitor out of the market.
If all projects are assigned the same discount rate for purposes of evaluation, which of the following could occur? A. Highminusrisk projects could be accepted when in fact they are poor investment choices. B. Lowminusrisk projects could be rejected when in fact they are good investment choices. C. Highminusrisk projects could be accepted when in fact they are good investment choices. D. All of the choices could occur when using a single discount rate for all projects.
Answer:
D. All of the choices could occur when using a single discount rate for all projects.
Explanation:
The discount rate is the rate of return that is used to discount the cash flows analysis in determining the present and future values of cash flows. The discount rate also called the discounted cash flow analysis follows the valuation method based on the time concept of money the DFC helps to find out the variability of the project by calculating the present values by the discounted rate. Thus if all the projects are assigned the same discount rates then the aim of revaluation of the project choices will be the same for all the projects like investing in standards assets like the bonds.Compared to the rental of hotel guest rooms, most F&B operations generate less revenue,
A. Fewer complaints , and more profits
B. Fewer complaints, and fewer profits
C. More complaints, and fewer profits
D. More complaints, and more profits
Which of the following is NOT a reason for the financial crisis of 2007–2008? increases in the leverage ratios for financial intermediaries excessive confidence about the stock market excessive securitization of liabilities collapse of the shadow banking system
Answer:
The answer is C. Excessive confidence about the stock market
Explanation:
The financial crisis of 2007–2008 was mainly caused by financial intermediaries (banks, insurance). It was caused by an unregulated subprime mortgage. The price of houses significantly dropped.
There were significant increase in leverage ratio, the banking system collapsed due to the failed mortgage plans, liabilities have excessive collaterals.
The crisis has nothing to do with stock market.
The Internet raises the bargaining power of customers by: A. reating new opportunities for building loyal customer bases. B. making more products available. C. making information available to everyone. D. lowering transaction costs.
Answer:
C. making information available to everyone.
Explanation:
The Internet raises the bargaining power of customers by making information available to everyone. The reason for this is that the bargaining power is the degree of influence customers have to force businesses to provide better products and lower price and the internet allows everyone to have access to lot of information which helps customers to learn about features, prices, differences in products and substitutes and this helps the customers to be educated and be sensitive about the price of the products increasing the bargaining power they have.
PlayStat is a company that manufactures toys for toddlers. To begin the production, the manufacturers purchase unprocessed plastic and metals. In the context of manufacturing inventories, the unprocessed plastic and metal used to produce toys are referred to as _____.
Final answer:
In manufacturing inventories, the unprocessed plastic and metal used to produce toys are called raw materials.
Explanation:
In the context of manufacturing inventories, the unprocessed plastic and metal used by PlayStat to produce toys for toddlers are referred to as raw materials. These are the basic substances in their natural, modified, or unprocessed states used by manufacturers as the base to produce goods. Raw materials are typically converted through manufacturing processes into finished products.
* What are the primary sources of revenue and expenses involved in holding a convention? (minimum 3 revenue / 3 expenses)
* Why is it necessary for strict regulations to be in place on the casino floor?
* Where are several of the most well-known theme parks located, and who are the key players in the theme park industry?
* What is the difference in service experience and management between hotels and clubs?
* In addition to gambling, what other types of activities are included in the gaming entertainment industry? Discuss five different activities.
Please I need help as soon as possible!
You will receive Brainliest
Explanation:
1. When planning your event there are two types of expenses: fixed and variable.
- The fixed costs are the ones that we will have to cover regardless of the number of attendees to the event.
In this group are the place where the event will take place, the secretarial expenses and pre-event production, the diffusion and promotion, the technical equipment for the room (s) (sound, projection, furniture, decoration, etc.), the signage and signage to be used in the event, the expenses and per diem (transportation and accommodation if required) of the speakers and special guests, translators if people speaking in different languages will attend the event, registration and accreditation system.
-Variable costs will be determined according to the number of attendees.
Among them you should take into account: the accreditation material for the attendees (credentials, programs, brochures, merchandising, gifts or souvenirs, portfolios, invitations, diplomas, etc.), extra events such as an opening act or a cocktail, lunches and dinners, tips, transportation if there is more than one venue or if a point-to-point transfer service is offered to attendees, parking lots, temporary staff for the days of the event, computers and furniture for the accreditation sector.
2-. Some casinos have turnover rates of 10% or less. They are very careful when selecting who works in the organization. They have well-defined career paths in all departments. They encourage employees to request internal transfers if something interests them. They pay a living wage and allow the best performers to prosper financially. They remove the "loafers" quickly.
-Some smart casinos still find plenty of quality casino players, even in mature markets. They are training their player development staff to build relationships with new players, rather than buying bribed visits. They are finding ways to use their motivated employees and top players to attract other quality players.
-In today's casino landscape, most customer service is fairly normal, and many casinos have found ways for technology to take over humans (for example, swap kiosks). Most have an old "canned" service program and haven't updated it in years. Service training is often one of the first victims when businesses weaken.
3.By number of visitors, Tokyo Disneyland is the most visited, with 17 million entries in 1995, followed by Disneyland with 15 million visitors, by Magic Kingdom with almost 14 million and Epcot and Disneyland Paris with more than 11 million.
4 .Customer experience management is more than serving your customers online. It's more than just knowing where customers shop and what brand of dog food they buy.
It's about getting to know your customers so completely that you can create and deliver personalized experiences that appeal to them not only to stay true to you, but also to evangelize others about your brand, and that's the most valuable form of advertising out there.
5. Amusement parks, movie theaters, shopping malls specialized in amusement and entertainment are becoming the focus of attention of entrepreneurs.
An owner wants to sell his house and prefers to save the commission. He lists with a broker on the basis that if the property is sold by a broker, the broker is entitled to a commission, but if the owner sells his own property, he owes no commission. This is an_____.
Answer:
Open listing
Explanation:
Open listing is a form of non exclusive listing arrangement where a home owner list his property with more than one real estate broker and the broker who is able to get a successful buyer wins the commission.
This type of listing arrangement also allows the owner of the property to sell his property by himself and he owes nobody any commission.
Furthermore , in open listing , the owner may decide to sell his property independently without the engagement of an estate agent.
On which dates are cash dividends recorded? a. Entry field with incorrect answer b. Declaration date and the record date c. Record date and the payment date d. Declaration date, record date, and payment date e. Declaration date and the payment date
Answer:
The best answer is "E"
Declaration date and the payment date
Explanation:
Declaration date: The date the board of directors formally authorizes a dividend and announces it to stockholders.
Record date: The date when ownership of outstanding shares is determined for dividend purposes.
Payment date: The date dividend checks are mailed to stockholders.
Declaration date and the payment date are recorded for cash dividends
Declaration date, Record date, and Payment date: These are dates that are used when preparing cash div and stock dividends.
Answer:
Option E. Declaration Date, Record Date and Payment Date.
Explanation:
The reason is that the when the cash dividend is announced, the liability of the firm to pay to the shareholders must be recognized. So it must be record the liability in its books of accounts. The entry is given as under:
Dr Retained Earnings XX
Cr Dividend Payable XX
The dividend payable amount is results in the decrease in the retained earnings with an equal amount. The date of record is useful because it tells to whom to pay because some shareholders might also sell their stock after dividend declaration so dividends is only paid to investors who actually own the stock on declaration date is entitled to the dividend. The payment date is the date when company pays the cash to its shareholders. The entry is given as under:
Dr Dividend Payable XX
Cr Cash Account XX
Fine Lines Inc. is a notebook manufacturing company based in Ohio. Fine Lines' main market is Ohio. It aims at providing its products at better prices than its competitors. Which of the following structures is Fine Lines Inc. likely to use if it has functional setup? a.mechanistic b.organic c.simple d.matrix
Answer:
a.mechanistic
Explanation:
Based on the scenario being described within the question it can be said that it seems that Fine Lines Inc. is using a mechanistic structure. This type of structure, also known as a bureaucratic structure, is a structure based on a single formal and centralized network where authority comes from the top-level managers who make most of the decisions.
Answer:
A. Mechanistic
Explanation:
A mechanistic business structure is considered best for organizations within a stable and certain environment. It is described as a structure that enables organizations to operate in a formal or centralized network. It is also considered as a bureaucratic structure.
From our scenario, it can be said that Fine Lines Inc. is likely to use a mechanistic structure. This is because the centralized base is in Ohio, which means that instructions and authority come from top managers.
Anastasia Company recognizes payroll for the month of May. Gross employee income is $200,000; federal taxes withheld are $40,000; state taxes withheld are $6,000; Social security and Medicare taxes are $30,000 total for employer and employees. Employees contribute $10,000 to a 401(k) retirement plan. Federal and state unemployment taxes are $12,000. Anastasia's payroll tax expense will be $12,000. $37,000. $15,000. $27,000.
Answer:
$27,000.
Explanation:
Payroll tax expense = social security taxes + medicare taxes + federal unemployment taxes + state unemployment taxes
social security and medicare taxes = $30,000 / 2 = $15,000 (both employees and employer contribute 50% of the total amount)federal and state unemployment taxes = $12,000 (only employers pay this tax)payroll tax expense = $15,000 + $12,000 = $27,000
IS The carnivorous really bad
Um no how would that be bad? Carnivores eat meat
Suppose you and your roommate have the following agreement when it comes to cleaning your apartment: each person washes her or his own dishes after each meal. The principle of trade you just learned tells you that it would be more efficient if:
Answer:
one of you wash all the dishes while the other did a different chore.
Explanation:
In simple words, if any person performs a particular task on a repeated basis for a considerable time period than there is a high chance that he or she will gain a significant level of efficiency in doing that task as compared to others.
This principle was first recognized and used by Henry ford who made his labor perform the same task in the factory which resulted in faster production with better quality.
Mercy's Apparels, a fabric company, was established post World War II with the aim of catering to the demands of consumers looking for affordable quality clothing. To differentiate itself from its competitors, the company developed a distinctive identity as the producer of budget clothing. In the context of the history of American business, Mercy's Apparels was most likely established during the _____.
Answer:
The correct answer is: marketing era.
Explanation:
The Marketing Era, mostly known as the Marketing Concept Era, started around 1950 after World War II (WWII). The initial marketing approach in this era was to produce goods to then push them to consumers so they could buy them. This strategy started to lose strength during this stage since manufacturers realized they needed to produce goods consumers were attracted to purchase. The overall economy was in recovery after WWII so companies started to produce low-cost items consumers were likely to afford.
A firm produces in a perfectly competitive market and hires labor in a perfectly competitive labor market. The firm hires four workers, the marginal product of the fourth worker is 4, and the wage rate is $40. The firm produces 100 units of the product, which sell for a price of $10. This firm is _____
Answer:
This firm is
not maximizing profit and should hire fewer workers to increase profit
Explanation:
Labor=4 workers
Output=100 units
Wage rate=$40
Unit price=$10
Marginal product (MP) of 4th worker=4
Total revenue= Output×price
=100×10
=$1000
Marginal product(MP) is the increase in output as a result of an increase in unit of inputs.
MP= Change in output/change in inputs.
The marginal product of the fourth labour doesn't increase output as required and the fourth labour is paid the same wage rate, in order for the firm to maximize Profit, it is advertised that the firm should reduce labor force.
At the end of the first quarter (three months of business), Eliza has several questions about how things are going. If she wants to understand how much debt the business has right now, then she should look at the ________ that her accountant has prepared.
Answer:
statement of cash flows
Explanation:
the statement of cash flows shows the changes in cash for the same period of time as that covered by the income statement. The cash flow statement shows all sources (i.e., receipts) of cash and all the users (i.e., payments) of cash.
It provides information about:
cash receipts (inflows)
cash payments (outflows).
Maria makes a deposit of $10,000 into her Smalltown Bank savings account. Smalltown Bank holds 20% of her deposit, then lends the remaining $8,000 to Ben to buy a new car. This practice of retaining only a portion of deposits on hand is called ________.
a. the gold standardb. fractional reserve bankingc. the Federal Reserve systemd. representative money
Answer: Fractional reserve banking
Explanation:
Fractional-reserve banking is a common form of banking that is practised by commercial banks worldwide. It involves banks in every part of the world. Fractional reserve banking is the acceptance of deposits from customers and then making loans to borrowers, while the reserve a fraction of the deposit liabilities of the bank is held.
From the question, Maria makes a deposit of $10,000 into the savings account she uses at Smalltown Bank and the bank holds 20% of the deposit she made and later lends the remaining $8,000 to another customer is an example of fractional reserve banking.
Vogue has enjoyed international success, with both standard and special editions published around the globe. One of the world's most prominent fashion magazines, it has heavily influenced the development of the fashion magazine industry and continues to shape modern fashion trends.
True or False?
Answer:
The statement given in the question if True. Hence, the correct answer is True.Explanation:
Vogue is an universally renowned and globally reputed fashion and lifestyles magazine that was founded in 1892 by Arthur Baldwin Turner, a well known individual in the then society.The fashion products and accessories promoted and featured in Vogue are evidently considered to be trends and parameters that are followed in the global fashion market or industry.It has also influenced or inspired many of the fashion and lifestyle magazines around the world.Various fashion retailers and merchandisers are massively influenced by the designs and brands commercially promoted and advertised by Vogue on its platform that further determined the different trends and brand preferences in the global market.As complemented by The New York Times in 2009, Vogues has consistently enjoyed international success,considering both standard and special editions around the world and has immensely influenced the entire fashion magazine industry and has set global trends for the fashion industry as a whole.True. Vogue has achieved international success and is a major influence in the fashion magazine industry. It continues to shape modern fashion trends globally.
True. Vogue has indeed enjoyed international success and has been a significant influence in the fashion magazine industry. Since its founding in 1892, Vogue has grown to become one of the most prominent fashion magazines globally, with both standard and special editions. It plays a crucial role in shaping modern fashion trends and continues to be a cultural barometer for a global audience, highlighting changes in how we dress, live, and socialize.
For instance, its Editor-in-Chief of British Vogue, Edward Enninful, emphasizes the magazine's impact on inclusivity and diversity in fashion. Vogue's high circulation and devoted readership make it a powerful medium for advertisers, ensuring its sustained influence and financial success.
One of the major characteristics of pure monopoly is A. there are only a few firms in the industry. B. similar products are made by other industries. C. there is only one firm in the industry. D. there are no major barriers to entering the industry.
Answer:
C
Explanation:
a guitar manufacturing company, launched 1000 high-quality, limited-edition guitars worldwide at a premium price of $10,000 per guitar. The company offered the lower-priced version of the same guitar after the first 1000 limited-edition guitars were sold out. In the context of pricing strategies, it can be concluded that Timber Guitars has adopted the strategy of _____.
Answer:
skimming prices
Explanation:
Based on the scenario being described it can be said that it can be concluded that Timber Guitars has adopted the strategy of skimming prices. This is a a pricing strategy in which a company or marketer sets a relatively high starting price for their products in the beginning of introducing it into the market, then only after some time has passed do they begin to lower prices slowly. Which is what Timber Guitars has done by placing the guitar at a very high price and only lowering it after a good quantity were sold.
John was recently hired by Backstreet Books, an eclectic bookstore in a large college town. At the beginning of the first day on the job, his store manager handed him a small booklet consisting of company rules. He was asked to read it and sign and submit the last page, before starting work. Among other things, the rules explicitly discussed reprimands for grievous behavior and dismissal if the firm could prove that the employee was stealing product from the store. This booklet represented the ___________ of the store. A. company-based ethicsB. compliance-based ethicsC. integrity-based ethicsD. whistleblowing-based ethics
Answer:
B. Compliance based ethics
Explanation:
Compliance based ethics are ethical principles of an organization indicating the prevention, detection and punishment of non compliant behaviour. They are rules and regulations in which employees are expected to comply to. They are rules and guidelines created either by law of the country in the company is located in or the company's policy. From the details given in the question, John was given a compliance based ethic book of the company.
Answer:
The correct answer is the option B: compliance-based ethics.
Explanation:
To begin with, a ''compliance-based ethics'' program is a model used by the companies in order to establish the rules of conduct for the employees inside the organization and also penalties to those that behave incorrectly according to what was established. Therefore that when Backstreet Books enforced John to read and sign the a small booklet consisting of company rules it represented the compliance-based ethics of the store due to the fact that it established the rules of conduct and the penalties as well.
Canada Company had the following operating data for the year for its computer division: sales, $650,000; contribution margin, $140,000; total fixed costs (controllable), $100,000; and average total operating assets, $280,000. What is the controllable margin for the year
Answer:
Controllable margin for the year = $40,000
Explanation:
Given:
Sales = $650,000
Contribution margin = $140,000
Total fixed costs (controllable) = $100,000
Average total operating assets = $280,000
Controllable margin for the year = ?
Computation of Controllable margin for the year :
Controllable margin for the year = Contribution margin - Total fixed costs (controllable)
Controllable margin for the year = $140,000 - $100,000
Controllable margin for the year = $40,000
In France, fine dressmaking and tailoring have been a tradition predating Queen Marie Antoinette. Cloth manufacturers, design school, craft apprenticeship programs, modeling agencies, and so forth, all exist to supply the clothing industry. This is an example of _______________ in Porter's national competitive advantage model.
Answer:
Related and supporting industries
Explanation:
In France, fine dressmaking and tailoring have been a tradition predating Queen Marie Antoinette. Cloth manufacturers, design school, craft apprenticeship programs, modeling agencies, and so forth, all exist to supply the clothing industry. This is an example of Related and supporting industries in Porter's national competitive advantage model.
Related and supporting industries is one of Porter's national diamond determinants.
On October 1, 2019, Illini Company purchased a truck for $42,000. The truck is expected to have a salvage value of $3,000 at the end of its 3-year useful life. If the company uses the straight-line method, the depreciation expense recorded during the year ending December 31, 2019, will be: $3,250 $13,000 $29,000 $38,250
Answer:
$3250
Explanation:
Given that
Purchase price = 42000
Salvage value = 3000
Useful life = 3 years
Recall that using straight line method
Depreciation value per year = (purchase price - salvage value) ÷ useful life
Thus,
= 42000 - 3000 ÷ 3
= 39000 ÷ 3
= $13000.
By December 31, 2019, only 3 month of usage has gone
Thus, value of depreciation by Dec 31
= 3/12 × 13000
= 0.25 × 13000
= $3250
Depreciation value recorded by year end is $3250
Answer: $3250
Explanation:
The straight line Depreciation formula is given by;
(Cost - salvage value) ÷ Number of useful years
Cost = $42,000
Salvage value = $3000
Nunver of useful years = 3
Depreciation = (Cost - salvage value) ÷ Number of useful years
Depreciation = ($42,000 - $3000) ÷ 3
Depreciation = $39,000 ÷ 3
Depreciation = $13,000
Depreciation between (October 1 —31 December)
(3÷12) × 13000
0.25 × 13000
$3,250
Accounting profit differs from economic profit because:
A. of differences in the manner in which revenue is calculated.
B. economic costs include explicit costs, while accounting costs do not.
C. accounting costs are generally higher than economic costs because accounting costs include explicit and implicit costs, while economic costs include only explicit costs.
D. economic costs are generally higher than accounting costs because economic costs include all opportunity costs, while accounting costs include explicit costs only.
Answer:
B) Economic costs include explicit costs while accounting costs do not.
Explanation:
Accounting profit is the total or net revenue of the firm which was earned in a specific accounting period or year. Accounting profit is usually misinterpreted for normal profit but they are not the same. Normal profit is the smallest amount of profit which a firm needs for its survival. This profit can only indicate whether the company can allocate its resources very well. Economic profit is the assumed surplus profit left after the total costs are deducted from the total revenue. Accounting profit contains the implicit costs while economic profit contains both the implicit and explicit costs.
The difference between accounting and economic profit lies in the cost calculation. Accounting costs consider only explicit costs, while economic costs include both explicit costs and opportunity costs. Hence, economic costs are generally higher than accounting costs.
Explanation:Accounting profit and economic profit are two different ways of calculating profit that often lead to different results. The main difference is that economic costs are generally higher than accounting costs, because economic costs include both explicit and opportunity costs, while accounting costs include only explicit costs.
Explicit costs are the actual out-of-pocket costs incurred by a firm, such as wages, rent, and materials. Opportunity costs, on the other hand, represent the value of the next best alternative that is foregone when a particular action is taken.
So statement D is correct: Economic costs are generally higher than accounting costs because economic costs include all opportunity costs, while accounting costs include explicit costs only. Understanding these differences is important for making informed business decisions.
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Look at Ivan's check register. Ivan spent $158.29 on groceries. He then transferred $250 to his savings account.
Check
Date
bet
+
001
Transaction
Open Account
123 Flowers
Paycheck
Groceries
Transf
(+) Deposit Balance
500.00
4 67.25
318.54 785.79
32.
75
on
w
IN
2/7
2/13
2/18
2/19
IO
o XXL
002
lalo
Tol
IWI
1
The letter
The letter
represents where the amount of $158.29 should be written.
represents where the amount of $250 should be written
Answer:
(1)=A (2)=D
i just need to fill up this space to answer~
The $158.29 Ivan spent on groceries and the $250 he transferred to his savings account should both be noted in the 'Transaction' column of the Check register. The former should be next to 'Groceries', while the latter should be next to 'Transf'.
Explanation:In a check register, when money is spent, it is entered into the 'Transaction' column. The amount of $158.29 Ivan spent on groceries should therefore be entered in the 'Transaction' column next to the word 'Groceries'. When money is transferred to savings, this is also a transaction and should be entered in the same column. Therefore, the amount of $250 Ivan transferred to his savings account should be entered in the 'Transaction' column next to 'Transf' (short for Transfer).
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A monopoly is producing output so that the average total cost is $30, marginal revenue is $40, and the price is $50.
If ATC is at its minimum level and the ATC curve is U-shaped, to maximize profits, this firm should:
A) shut down.
B) increase output.
C) reduce output.
D) do nothing, it is already maximizing profits.
Answer:
B
Explanation:
In this question, we are asked to pick from the options what should serve as the point of action of the firm given the scenario painted in the question;
We proceed as follows;
ATC= 30 $
Marginal revenue(MR)= 40 $
Price(P) =50 $
For efficiency,MC=minimum ATC=30 $
MR =40 > MC=30
For profit maximization, MR =MC
So, firm should raise output ,so that MR falls and becomes equal to MC
So correct option is B.
Answer:
B) increase output
Explanation:
A known rule is that a firm maximizes profit by producing a certain quantity of output where marginal revenue equals marginal cost. For there to be maximized profit, a firm ought to increase it's usage of the input "up to the point where the input's marginal revenue product will equals its marginal costs".