Explicit costs
Explicit costs are those that are reflected by actual cash flows and are direct payments made to others when running a business. These include payments or costs associated with wage, rent, and materials.
The short-run total cost includes both the variable and the fixed costs associated with the production.
In calculating for accounting profit, only the explicit costs are considered. However, when calculating for economic profit, the implicit costs are also included in the calculations.
OSHA! it stands for <span>Occupational Safety and Health Administration</span>
Answer:
Ozzie's purchase of the 2017 new Ford would be included in GDP
Explanation:
Gross domestic product is the sum of all final goods and services produced in an economy within a given period which is usually a year.
Only goods produced in a given year would be included in the calculation of GDP.
Its only the 2017 new Ford that produced in 2017 that would be counted as part of 2017's GDP
I hope my answer helps you
Answer:
a. What is the MRP?
marginal revenue product = marginal product of labor x marginal revenue per output unit
MRP = 1,500 packages x $0.10 per package = $150
marginal resource cost (MRC) = $100 (the cost of renting the delivery truck)
The company should add the delivery truck because MRP is higher than MRC.
b. Now suppose that the cost of renting a vehicle doubles to $200 per day. What are the MRP and MRC in this situation?
MRP = $150 (doesn't change from question a)
MRC = $200 (the cost of renting the delivery truck)
The company should not add the delivery truck because MRP is less than MRC.
c. Next suppose that the cost of renting a vehicle falls back down to $100 per day, but, due to extremely congested freeways, an additional vehicle would only be able to deliver 750 packages per day. What are the MRP and MRC in this situation?
MRP = 750 packages x $0.10 per package = $75
MRC = $100
The company should not add the delivery truck because MRP is less than MRC.
Answer:
The correct answer is letter "E": significantly lowered the costs of shipping goods over long distances.
Explanation:
Containerization is the method of transporting goods in containers. These technique has become standard in freight transport having regulated the dimensions and maximum capacity of materials being moved. One of the big advantages containerization has provided is to transport different materials from different entities all together which implies sharing the costs of the same container, something that lowers the price of the transportation regardless if it is domestic or international.
