Answer:
Has an opportunity cost
- Having a "lazy afternoon" VS Working an 8 hour shift VS
- Cooking dinner VS Eating out
- Reading you favorite book VS Catching up with an old friend
Explanation:
Opportunity costs refer to the extra costs or benefits lost associated with choosing one activity or investment over another alternative. In other words, every activity that you carry out includes the opportunity cost of not doing something else. No matter what we do, we could be doing something else.
Answer:
Must be exactly 8,000 people per hour.
Explanation:
Flow rate or throughput is the rate at which customers, goods, or services flow though a business process. It is usually measured as an average number of units that pass through a process per unit time.
In this scenario the people that entered the NASCAR venue were 8,000 people per hour.
So when people are coming out of the NASCAR venue average rate of flow out must be 8,000 people per hour.
The rate of units entering a business process must be equal to rate of units coming out per unit time.
Answer:
7/16
Explanation:
Opportunity cost is the cost of the alternative forgone. It is also called the real cost. It is a concept in economics developed due to the fact that wants are unlimited but the resources available to meet the wants are limited. Hence a scale of preference would be drawn up for the wants in order of importance.
If the family can afford either 80 cans of beans or 35 frozen pizzas, the cost of a can of beans in terms of frozen pizza is 35/80 frozen pizza while the cost of a unit of frozen pizza in terms of beans is 80/35.
As such, the opportunity cost of one can of beans in terms of frozen pizza is 35/80 which is 7/16 in the lowest term
Answer:
1. <u>implicit cost</u>
2.<u> explicit cost</u>
3. <u>implicit cost</u>
4. <u>explicit cost</u>
Explanation:
Implicit costs refer to those costs that represent opportunity cost. In simple terms they are notional or those which haven't been actually incurred but considered.
Opportunity costs refer to the cost of sacrificed alternatives when an alternative is opted for. For instance, a student pursuing post graduation incurs implicit cost in the form of income foregone had he chosen to work instead for the same duration.
In the given case, the foregone rental income Jacques would've earned had he chosen to rent out his showroom represents opportunity cost or implicit cost.
Similarly, the salary Jacques sacrificed by working in boat business represents implicit cost.
The wages and utility bills that Jacques pays and wholesale cost which he pays represent costs which have actually been incurred, which are termed as explicit costs.
Answer:
a) True
Explanation:
Sales = Opening + Production - Closing
$200,000 = $22,000 + Production - $24,000
Production = 202,000 Units
Hence, the answer is a. True
