Answer:
1. Time spent away from family is an implicit cost.
2. Transportation is an explicit cost
3. Forfeited working experience is an implicit cost
4. Books and materials is an explicit cost
5. Forgone earnings are an implicit cost
Explanation:
A college is an educational institution that provides opportunities for higher learning and specialized professional training. A decision to go to college should be conscious one that takes into consideration all the important aspects. The most important consideration is the cost of education, since attending college is usually an expensive proposition. One needs to consider the different costs that they will meet, whether implicitly or explicitly. Lets us consider the following implicit and explicit costs as shown;
1. Implicit cost: an implicit cost is a cost incurred without necessarily spending money. They are more of an opportunity cost that is calculated from the alternatives undertakings that one has sacrificed. An implicit cost is not an accounting cost but an economical cost that tends to consider options that are not actual expenditures. They are; time spent from family, forfeited working experience and forgone earnings. These are actually items that one sacrifices when he/she decides to go to college. Time spent from family is an implicit cost since one will spend most of his or her time in college. Attending college also means that one wont be able to go for a job and get some working experience while earning, therefor this is also an implicit cost. Explicit cost are determined by estimating the value of the activity sacrificed.
2. Explicit costs: an explicit cost is a type of accounting cost that needs one to actually spend money. It is an out of pocket cost where one has to use money to purchase a good or service. Examples are Books and materials. College students are often required to purchase specific books and materials for study. Transportation is also a cost that requires one to spend on bus fare or even cab fare to and from college. These are costs that require one to actually use money.
Answer:
too crowded. better to be happy alones at homes with computers. unless you got a big home with a lot of rooms and can still be alones
After n years, the deposit made at birth will have a value equal to;
FV1 = C(1+r)^n = 1000(1+0.018)^n = 1000(1.018)^n
After n years, the yearly deposits made at every birthday will have a value equal to;
FV2 = P{(1+r)^n-1}/r = 750{(1+0.018)^n-1}/0.018 = 41666.67 {(1.018)^n-1} = 41666.67 (1.018)^n -41666.67
Total FV = FV1+FV2 = 1000(1.018)^n+41666.67(1.018)^n-41666.67 = 42666.67 (1.018)^n - 41666.67
Answer:
d. Fixed manufacturing overhead.
Explanation:
As we know that
The variable cost would remain the same in case of per unit while it could be changed in values while the fixed cost would remain the same in case of values but could be changed in per unit
But in case of the fixed manufacturing overhead, if the production level varies so it changes significantly and the direct material + direct labor are the direct cost
So the correct option is d.
Answer:
3
Explanation:
We are asked to use the midpoint formula.
Here, instead of dividing the change in values by the old value as in the normal elasticity calculation, we use the average of the two.
Mathematically:
Price elasticity of demand according to midpoint formula is :
{Q2 - Q1 / (Q2 + Q1) ÷ 2] × 100%} ÷ {[P2 - P1/ (P2 + P1) ÷ 2] × 100}
Price changed from 5 to 7. The midpoint of 5 and 7 is the average = (5+7)/2 = 6
% change in price in this case is (7-5)/6 * 100 = 100/3 = 33.33%
% change in quantity:
We first find the average = (12+4)/2 = 16/2 = 8
% change = (4-12)/8 * 100 = -100%
The elasticity of demand is thus -100/33.33 = 3
