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
Tanya [424]
3 years ago
13

What costs and revenues do economists include when calculating profit that accountants don’t include? In addition to the implici

t costs and revenues used by accountants, economists include all explicit costs and revenues when calculating profit. This means that they include labor costs and changes in the value of any assets owned by the firm. In addition to the explicit costs and revenues used by accountants, economists include all implicit costs and revenues when calculating profit. This means that they include opportunity costs and changes in the value of any assets owned by the firm. In addition to the explicit costs and revenues used by accountants, economists include all implicit costs and revenues when calculating profit. This means that they include labor costs and expected changes in sales. Economists and accountants calculate profit with the same costs and revenues. The only difference is that economists work with predicted costs and revenues for the future, whereas accountants work with costs and revenues from previous years.
Business
1 answer:
den301095 [7]3 years ago
7 0

Answer:

In addition to the explicit costs and revenues used by accountants, economists include all implicit costs and revenues when calculating profit. This means that they include opportunity costs and changes in the value of any assets owned by the firm.

Explanation:

accounting profit = total revenues - total explicit costs

  • explicit costs include all the actual measurable expenses like manufacturing costs, selling costs, etc.

economic profit = accounting profit - opportunity (implicit) costs

  • opportunity or implicit costs are extra costs incurred or benefits lost from choosing one activity or investment instead of another one
You might be interested in
In a push based system of distribution which relies on selling to customers through a sales force and retail partners, managers
Elanso [62]

Answer:

a) channel members.

Explanation:

A push-based distribution system can be defined as one whose production plan is directed from management to the market, where products are sent through a channel until they reach retailers, and then to the final consumer.

Therefore, managers direct their promotional efforts more towards channel members, so that the path that the product goes through to reach the final consumer is effective so that the product arrives in the right way, in the right quantity and at the right time to the consumer. Effective management of the company 's distribution channel helps to reduce costs, reduce delays, speed up the capacity to meet demand, increase customer satisfaction, etc.

6 0
2 years ago
Suppose a wet and sunny year increases the nation's sweetcorn crop by 20%. How will this affect the market for frozen peas,a sub
Soloha48 [4]

Answer:

d) decease in demand

Explanation:

When the produce of sweet corn crop rises by 20%, this would lead to an increase in supply. With increase in supply, the price of sweet corn shall fall, which would lead to an increase in demand as now consumers will consume more of sweet corn.

Since the relationship between price of a good and demand for it's substitute is positive, the demand for the substitute shall fall.

Thus, demand for frozen peas shall decrease as demand for sweet corn has increased.

5 0
3 years ago
Zoe Corporation has the following information for the month of March: cost of direct materials used in product $15,401,direct la
bija089 [108]

Answers:

Calculation of cost of goods manufactured:

Particulars                                                      Amount(in $)

Cost of direct material                                    $15,401

Add: Direct labour                                           $24,583

Add: Factory overhead                                   $35,335

Add: Work In process inventory, March 1      $20,021

Less: Work in process inventory, March 31   <u>$20,681</u>

Cost of goods manufactured                        <u>$74,659</u>

Calculation of Cost of goods sold:

Particulars                                                      Amount(in $)

Cost of goods manufactured                        $74,659

Add: Finished goods inventory, March 1      $24,889

Less: Finished goods inventory, March 31   <u>$27,311   </u>

Cost of goods sold                                        <u>$72,237</u>

7 0
3 years ago
The common method of trading in the distant past is known as
olga nikolaevna [1]

the common method of trading in the distant past is known as marketing

3 0
3 years ago
Tell me about a time you were able to understand someone else's viewpoint that differed from your own. Describe the situation, y
RoseWind [281]

Answer:

<h3>"I have felt dissatisfied on the job when I feel underpaid and overworked. I don't mind working hard at all, but I don't like to feel as though I'm being taken advantage of." "When I see success few and far between, it is very unmotivating for me. I am a hunter and a true salesperson</h3>

7 0
3 years ago
Other questions:
  • Assume two goods are substitutes. Ceteris paribus, a decrease in the price of one good will cause the equilibrium price of the o
    10·1 answer
  • Suppose 1 in 200 pilots flying space-x aircraft dies each year while only 1 in 500 pilots flying subspace gliders dies each year
    14·1 answer
  • Name two steps Mexico’s government did to reform their economy.
    5·1 answer
  • Powerpoint slides can be quite effective and used best when they
    14·1 answer
  • Here are the supply and demand equations for throstles, where p is the price in dollars: D(p) = 40 − p S(p) = 10 + p 1. Draw the
    6·1 answer
  • After the Interview The job search doesn't end with the interview. After your interview, be sure to follow up with the appropria
    7·1 answer
  • What structure is one of the most common types because it separates the specialized knowledge of each functional area through ho
    10·1 answer
  • Gordon is a new divisional manager at AskSocrates. In reorganizing his division, he must make some decisions regarding the span
    12·1 answer
  • Define nongovernment organizations
    12·1 answer
  • Money held by the lender to pay homeowners insurance and property taxes is put in a fund called _____. A. Closing costs b. Commi
    12·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!