Answer:
D) i and iii
Explanation:
Implicit cost refers to economic costs that are not directly attributed to the business but are nevertheless important in making informed decisions. In this case the opportunity costs are implicit cost. They are:
- Salary forgone which should have been earned at another job, and
- Interest lost from savings account.
If it triples each time you will get 19683 pennies
Answer:
c) is the same along both curves.
Explanation:
Two straight-line PPFs have the same vertical intercept, but curve I is flatter than curve II. The opportunity cost of producing the good on the horizontal axis is the same along both curves.
Answer:
C. 1. Identify the actual quantity of output. 2. Calculate the flexible budget for revenues based on budgeted selling price and actual quantity of output. 3. Calculate the flexible budget for costs based on budgeted variable cost per output, actual quantity of output, and actual fixed costs.
Explanation:
Any budget starts by determining our current output level.
To calculate the sales budget we must estimate our total revenue using our current output level and the estimated selling price for the next period. If we are certain that our output level will increase or decrease significantly over the next period, we can use the estimated output level instead of the current output level.
To calculate the costs budget we must estimate the variable costs per unit times the current output level (variable costs budget) and then we add the estimated fixed costs, which are not necessarily our current fixed costs.
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