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timofeeve [1]
3 years ago
12

Susan used to work as a telemarketer, earning $25,000 per year. She gave up that job to start a catering business. In calculatin

g the economic profit of her catering business, the $25,000 income that she gave up is counted as part of the catering firm's:
a. total revenue
b. implicit costs
c. explicit costs
d. marginal costs
Business
1 answer:
torisob [31]3 years ago
3 0

Answer:

b. implicit costs

Explanation:

Implicit costs refer to opportunity costs. Opportunity cost refers to the monetary value of the options foregone when an individual opts for another option instead.

In the given case, Susan foregone $25000 per year which she was earlier making, in exchange for starting a new catering business. This depicts loss of opportunities foregone in the form of $25,000 income which she could've continued earning had she not decided to shift to catering business.

Thus, $25,000 denotes an implicit or indirect cost incurred for starting the catering business.

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3 0
3 years ago
The term value chain refers to the idea that a company is: Group of answer choices The producer of a series of customer-valued p
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Answer:

A series of activities that transform inputs into products that customers value.

Explanation:

A product can be defined as any physical object or material that typically satisfy and meets the demands, needs or wants of customers. Some examples of a product are mobile phones, television, microphone, microwave oven, bread, pencil, freezer, beverages, soft drinks, etc.

The core benefit of a product can be defined as the basic (fundamental) wants or needs that is being satisfied, met and taken care of when a customer purchase a product.

Hence, the term that refers to the first level of a product, which depends on the customer value it generates is generally referred to as a core benefit. For example, a hotel provides a comfortable and convenient bed to spend the night (sleep) when you travel for a vacation.

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