Answer:
Explicit costs are the costs which requires the money to pay.
On the other hand, implicit costs refers to the benefit that is foregone by choosing some other work or doing some other activity.
Therefore,
Explicit costs are as follows:
1. Wages pays to his hired hand
2. Buys feed for his cows.
3. Gas expense that is used in truck
Implicit costs are as follows:
1. Foregone income of $27,000 from working at a dairy plant as a technician.
2. Time taken for extracting milk from all the cows.
Answer:
$10,570.80
Explanation:
The computation of the withheld during the year is shown below:
= Social security tax + medicare tax
where,
Social security tax is
= $128,400 × 6.2%
= $7,960.80
And, the medicare tax is
= $180,000 × 1.45%
= $2,610
So, the total withheld during the year is
= $7,960.80 + $2,610
= $10,570.80
We simply added the social security and medicare taxes so that the withheld could come
The reason why the agency places these ads on websites
related to teen magazines, action gaming and as well as extreme sports because
of the reason that they are targeting specific market niches. Market niches is
a subset of a market on which where a product is specifically focused on as it
aims of having a particular product to be satisfying to a specific market that
needs it.
Answer:
c. comparative advantage in
Explanation:
In economics, comparative advantage is the advantage a trade party has over the other party, in the production of a a particular good that has a relatively lower opportunity cost. It simply involves exploring the option that has overall best package.
North Carolina has a comparative advantage in sweet potato production relative to Florida, as the opportunity cost involved is lower, since there is little potential benefits North Carolina will get in the production of oranges.
