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Alexus [3.1K]
3 years ago
12

On a separate sheet of paper, copy the multi- flow map below. organize information on how firms determine their total costs by c

ompleting the multi flow map with examples of fixed and variable costs.
Business
1 answer:
larisa86 [58]3 years ago
5 0

Answer:

The correct answer is the definition of fixed and variable costs.

Explanation:

The cost of production of a company can be subdivided into the following elements: rents, wages and wages, depreciation of capital goods (machinery and equipment, etc.), the cost of raw materials, interest on operating capital , insurance, contributions and other miscellaneous expenses. Different types of costs can be grouped into two categories: fixed costs and variable costs.

Fixed costs

The fixed costs are those that the company necessarily has to incur when starting its operations. They are defined as costs because in the short and intermediate term they remain constant at different levels of production. As an example of these fixed costs, executive salaries, rents, interest, insurance premiums, depreciation of machinery and equipment and property taxes are identified.

Variable costs

Variable costs are those that vary with the volume of production. The total variable cost moves in the same direction of the production level. The cost of raw material and the cost of labor are the most important elements of variable cost.

The decision to increase the level of production means the use of more raw material and more workers, so the total variable cost tends to increase production. The variable costs are, then, those that vary as production varies.

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What is the difference between a shortage and scarcity?.
klio [65]

Explanation:

shortage is when a particular thing is present for use but not up to what the person needs.

scarcity is when a thing or object ceased to be used or non availability of a particular thing for a particular period of time.

7 0
2 years ago
Equilibrium price is $8 in a perfectly competitive market. For a perfectly competitive firm, MR = MC at 150 units of output. At
Ghella [55]

Answer:

Shut down

$1650

$1500

Explanation:

A perfect competition is characterised by many buyers and sellers of homogeneous goods and services. Market prices are set by the forces of demand and supply. There are no barriers to entry or exit of firms into the industry.  

In the long run, firms earn zero economic profit.  If in the short run firms are earning economic profit, in the long run firms would enter into the industry. This would drive economic profit to zero.  

Also, if in the short run, firms are earning economic loss, in the long run, firms would exit the industry until economic profit falls to zero.  

in the shut run, a perfect competition should shut down if average variable cost is greater than price. this is the case for this firm $10 is greater than $8.

total fixed cost = average fixed cost x quantity produced = $11 x 150 = $1650

Total variable cost = average variable cost x quantity produced = $10 x 150 = $1500

4 0
2 years ago
A company incurs total costs of $8,000 to process Product A. The company can then sell Product A as is for total daily revenue o
DochEvi [55]

Answer:

As the gross profit is the same for both products It is better to choose Product A because Product Z needs further processing a day , so time can also be the constraint.

Explanation:

Process Cost of Product A = $ 8000

Sale of Product A= $ 22,500

Gross Profit For A= $ 14,500

Process Cost of Product Z= $ 8000 + $4200= $ 12,200

Sale of Product Z= $ 26,700

Gross Profit For Z= $ 14,500

The gross profit for both products is same but product Z requires additional day for further processing so it is better to choose Product A.

3 0
3 years ago
When starting a new job, the form you complete to determine how much tax to withhold from your paycheck is called the _______.
maksim [4K]
Letter D. W-4 is the answer to your question.
5 0
3 years ago
Read 2 more answers
In the small country of Economerica, there are 6 thousand people employed, 1 thousand people unemployed, and 3 thousand people o
irakobra [83]

Answer: B. 20.00%

Explanation:

Unemployment rate does not include those who have given up on finding a job.

Unemployment rate = Unemployed people / Labor force

Unemployed people:

= Original unemployed + half the new graduates

= 1,000 + (1,000 / 2)

= 1,500 people

Labor force:

= Unemployed + employed people

= 1,500 + 6,000

= 7,500 people

Unemployment rate:

= 1,500 / 7,500

= 20%

3 0
2 years ago
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