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Nataly [62]
3 years ago
10

Joe spends $20,000 during his two semesters in college on rent, food, books, tuition, and entertainment. Joe’s opportunity cost

of attending college for the two semesters is $20,000.
1. True
2. False
Business
1 answer:
SpyIntel [72]3 years ago
8 0

Answer:

2.False

Explanation:

Opportunity cost in simple terms refers to the next best alternative.

Opportunity cost refers to the benefits foregone of non chosen options when one of those options is chosen. For e.g opportunity cost of attending a full time college is the loss of salary had the same student opted to work, in addition to college fees paid for the period of study.

In the given case, the costs expressed such as college fee, rent, food, books, tuition and entertainment is explicit costs. Secondly no second non chosen option is mentioned in the question.

Thus, the given statement is false.

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"What is Al’s total revenue? 3 pts) B. What are Al’s explicit costs? In numbers (3 pts) C. What is his accounting profit? In Num
erik [133]

Answer:

A. $1,020,000

B.$680,000

C.$340,000

D.$95,000

E.$245,000

Explanation:

A. Calculation for Jon’s total revenues

Using this formula

Jon's total revenue = Amount of fees per person × Number of persons

Let plug in the formula

Jon's total revenue = $1,200 × 850

Jon's total revenue=$1,020,000

B. Calculation for Jon’s explicit costs

Using this formula

Explicit costs = Amount of money that goes for instructors, maintenance, equipment,insurance, depreciation ×Number of persons

Let plug in the formula

Explicit costs= $800 ×850

Explicit costs =$680,000

C. Calculation for the his accounting profit

Using this formula

Accounting profit = Amount of Revenue - Explicit costs

Let plug in the formula

Accounting profit= $1,020,000 - $680,000 Accounting profit=$340,000

D. Calculation to List 2 in numbers 2 implicit costs that Jon has not included

Based on the information given we were told that he is foregoing an amount of $92,000 as wage and 1.5% interest on his amount of $200,000 which is a corporate bonds to start the business.

Hence

Jon total opportunity costs = $92,000 + (1.5%×$200,000)

Jon total opportunity costs = $92,000 +$3,000 Jon total opportunity costs=$95,000.

E. Calculation for Jon’s pure economic profit (or loss) in numbers

Using this formula

Economic profit = Accounting profit - opportunity costs

Let plug in the formula

Economic profit = $340,000-$95,000

Economic profit = $245,000

8 0
3 years ago
Select the correct answer. Which term describes the ability to use different types of reasoning for different situations and ana
Volgvan
A.
None of the other answers make sense.
Critical thinking involves deep thought into a problem while also factoring other events into play.
8 0
3 years ago
Read 2 more answers
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