1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
Elanso [62]
3 years ago
10

What is opportunity cost

Business
2 answers:
RideAnS [48]3 years ago
8 0
<span>the loss of potential gain from other alternatives when one alternative is chosen.</span>
Gre4nikov [31]3 years ago
4 0

Opportunity cost is the alternative we give up when we choose one option over the other.

You might be interested in
Taxicab fares in most cities are regulated. Several years ago taxicab drivers in Boston obtained permission to raise their feres
Scorpion4ik [409]

Solution:

Let's start by assuming that the taxi ride demand is extremely elastic, to the extent that it is vertically sluggish! If the cabbies raise the fair price by 10% from 10.00 per mile to 11.00 per kilometre, the number of riders remains 20.

Total income before fair growth= 20* 10= 200.

Total income following fair growth = 11* 20= 220.

A 10% increase in the fare therefore leads to a 10% increase in the driver's revenue.

Therefore, the assumption in this situation is that the cab drivers think the taxi driving requirement is highly inelastic.

The demand curve facing the drivers of the cab is still inelastic, but not vertically bent.

When the rate increased from 10% to 11, riders declined from 20% to 19%

Total revenue before fair growth is 20* 10= 200

The gap between revenue and fair growth is 19* 11= 209

This means that a realistic 10% raise doesn't result in a 10% boost on income Because the market curve for taxi rides is not 100% inelastic, but rather low inelastic, so that a fair increase (control) allows consumers to lose their incomes.

7 0
3 years ago
A business has a fixed costs of US$100 000 and variable costs of US$5 per unit.
OLga [1]

Answer:

$250,000

Explanation:

50,000 units × $5 per unit = $250,000

4 0
2 years ago
Read 2 more answers
Walden’s family is shopping for a reclining chair. The chair the family decided on has a retail price of $800 plus 5% sales tax
Licemer1 [7]

Just by looking at the answer you can take out D because C already offers no tax and 5% off, do C is better than D, so we only have to do t math for A, B, and CA is 800 plus tax, with $75 back800×1.05 (because it's 5% tax) -75 =$765B is 800×.90 (because 10% off means he's paying 90%)×.05=$756C is 800×.95 (because 5% off means he's paying 95%) =760A=765B=756C=760So B is the best deal


:)

7 0
3 years ago
Read 2 more answers
Hamilton company uses a periodic inventory system, at the end of the annuanl accounting period, December 31,2015, the accounting
n200080 [17]

Answer:

FIFO : Ending Inventory = $6,000, Cost of Goods Sold = $36,000

LIFO : Ending Inventory = $36,000, Cost of Goods Sold = $28,000

Weighted Average Cost Method : Ending Inventory = $10,500, Cost of Goods Sold = $31,500

Explanation:

<u>FIFO</u>

Assumes that the first goods received by business will be the first ones to be delivered to the final customer.

Ending Inventory

Ending Inventory = Units left × Earliest Price

                             = 3000 units × $2

                             = $6,000

Cost of goods sold

Cost of goods sold : 2000 units × $5 =  $10,000

                                  6000 units × $4 = $24,000

                                  1000 units  × $2 =   $2,000

                                 Total                    =  $36,000

<u>LIFO</u>

Assumes that the last goods purchased are the first ones to be issued to the final customer.

Ending Inventory

Ending Inventory      2000 units × $5 =  $10,000

                                  6000 units × $4 = $24,000

                                  1000 units  × $2 =   $2,000

                                 Total                    =  $36,000

Cost of goods sold

Cost of goods sold : 4000 units × $2 =  $8,000

                                  5000 units × $4 = $20,000

                                  Total                   =  $28,000

<u>Weighted Average Cost Method</u>

The average cost of goods held is recalculated each time a new delivery of goods is received Issues are then priced out at this weighted average cost.

First Calculate the Average Cost

Average Cost = Total Cost / Total Units

                       = (2000 × $5 + 6000 × $4 + 4000 × $2) / 12,000

                       = $42,000 / 12,000

                       = $3.50

Ending Inventory

Ending Inventory = Units left × Average Price

                             = 3000 units × $3.50

                             = $10,500

Cost of goods sold

Ending Inventory = Units Sold × Average Price

                             = 9,000 units × $3.50

                             = $31,500

3 0
3 years ago
A quality inspector took five samples, each with 4 observations, of the length of time for glue to dry. The analyst computed the
ratelena [41]

Answer:

12.57

Explanation:

The first part is correct with the answer of 12.57. The formula is x_bar_bar + 3*sigma/sqrt(n)

Here x_bar_bar = 12.51, sigma = 0.04, n = 4.

Thus UCL = 12.51 + 3*0.04/sqrt(4) = 12.57

6 0
3 years ago
Other questions:
  • 4. Dairy Co. sells raw cream directly to the public. Maxwell gets sick after consuming some of Fairy Co.’s raw cream. Maxwell su
    7·1 answer
  • Marigold Manufacturers Inc. is a firm that produces and sells home appliances. Marigold Manufacturers Inc. acquires a women's ap
    5·1 answer
  • The chinese government limited auto sales in large cities such as beijing and shanghai because their roads could not handle more
    11·1 answer
  • Consider the following two mutually exclusive projects:Year Cash Flow (X) Cash Flow (Y)0 ?$16,400 ?$16,400 1 6,660 7,190 2 7,240
    13·1 answer
  • Stockholders equity: a. Represents the ownership of a company b. Is the equivalent of net assets c. Is also known as the book va
    8·1 answer
  • 3. Which NIMS Management Characteristic refers to the number of subordinates that directly report to a supervisor?
    12·1 answer
  • Strategy-making is
    13·1 answer
  • Arthur Meiners is the production manager of​ Wheel-Rite, a small producer of metal parts.​ Wheel-Rite supplies​ Cal-Tex, a large
    11·1 answer
  • Physical or mental injuries caused by a crime are known as what?
    12·2 answers
  • 1. Describe three different types of cash receipts that a business may record. Also identify the
    10·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!