Answer:
-$475,000
Explanation:
Total revenue = Baskets of peaches × Price
= 100,000 × $3
= $300,000
Explicit cost:
= Rent equipment + wages
= $100,000 + $100,000
= $200,000
Implicit cost:
= Land × Interest + salesman earned
= $1,000,000 × 0.55 + $25,000
= $575,000
Total cost = Explicit cost: + Implicit cost
= $200,000 + $575,000
= $775,000
Economic profit = Total revenue - Total cost
= $300,000 - $775,000
= -$475,000
No<span>, </span>accounts serve<span> the </span>purpose<span> that their owners choose. They do not have the same function.
>>>Accounts are f</span><span>inancial records of an organization that register all financial transactions, and must be kept at its principal office or place of </span>business<span>.
In accounting, it means </span><span>the chronological </span>record<span> of </span>changes<span> in the </span>value<span> of an </span>entity's assets<span>, </span>liabilities<span>, and the </span>owners' equity<span>
In banking,it means c</span>ontinuing financial relationship<span> between a </span>bank<span> and a </span>customer<span>,whereby </span>deposits<span> and </span>debts<span> are </span>held<span> and processed within a </span>framework<span> of </span>established rules<span> and </span>procedures.<span>
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Answer and Explanation:
Dynamic expenses are pointed to as operating expenses that are the production cost and important to run a business.
common example of the variable cost that depends on sales volume.
- The cost of goods sold, that is the equivalent of goods sold to consumers.
- Commissions charged from their selling to salespersons.
- Fees charged by a company when a customer requires a credit or debit card.
so, we say that when a business increase or decrease their sale volume, their variable cost also gets affected.
Answer:
A free enterprise economy has five important characteristics. They are: economic freedom, voluntary (willing) exchange, private property rights, the profit motive, and competition.
Hope this helps!
