TOPIC FIVE (TEST - Vocabulary)

Kurt is a professional golfer, who use to work as an engineer. Aside from the money he enjoys both jobs equally. He earned $80,0

Irina-Kira [14]

Answer:Economic rent-$320,000

Opportunity Cost-80,000

Explanation:

Economic rent is the extra amount or addition earned by a production resource here and in this context,Mr Kurt is the resource.In this scenario,the extra amount he earned as a professional golfer having quit engineering for it and thus had a step-up(addition) of $320,000.

While the opportunity cost which known as the alternative forgone in order in favour of another alternative in a decision process here is $80,000.In this case,he had to forego engineering job($80,000) and therefore concentrate on professional golfing which paid him more(400,000) not omitting the fact that he could have engaged in the two jobs at same time.

3 0

4 years ago

You're now worried that the Veggie Burger may not be much of a profit-maker, so you decide to calculate its' Contribution Margin

AysviL [449]

Answer:

$2.28

Explanation:

You're now worried that the Veggie Burger may not be much of a profit-maker, so you decide to calculate its' Contribution Margin. You know that it costs you $4.67 to serve that burger. The menu price is $6.95. What is the Contribution Margin for the Veggie Burger

The contribution margin is the selling price- variable costs.

For veggie Burger,

selling price is $4.67

The variable cost is $6.95

Contribution margin is

= $6.95 - $4.67

=$2.28

5 0

4 years ago

Gut Bombs sandwich shop pays 10 workers $2,500 a month and spends $5000 on food. Usually the shop sells 3,500 sandwiches per mon

MrRa [10]

Answer:

The average product for the 10 workers is 350 sandwiches per month.

Explanation:

Average product is given by total output divided by total labor used

Total output per month = 3500 sandwiches

Total labor used per month = 10 workers

Average product = 3500 ÷ 10 = 350

Average product for the 10 workers is 350 sandwiches/month

6 0

4 years ago

Costs such as security deposit,inspections, attorney or broker fees are examples of blank

Tom [10]

Managing money. Hope this. Helps

4 0

2 years ago

Read 2 more answers

The Grandview Company issues 1 million shares of common stock with a par value of $0.12 for $16.00 a share. The entry to record

Jet001 [13]

Answer:

$16,000,000

Explanation:

This question requires us to give the amount arising in cash assets after this transaction.

We simply have to focus on the price offered for the share on the date of sale which is $16.00. Thus, cash proceeds (debited) will be :

Cash Proceeds = Share Price × Number of Shares issued

= $16.00 × 1,000,000 shares

= $16,000,000

<u>The rest of the Journal entry for this transaction will be :</u>

Debit : Cash ($16.00 × 1,000,000) $16,000,000

Credit : Common Stock ($0.12 × 1,000,000 shares) $120,000

Credit : Paid In Excess of Par ($15,88 × × 1,000,000 shares) $15,880,000

4 0

3 years ago