<span>Implicit Cost Explicit Cost
The wholesale cost for the pianos that Darnell pays the manufacturer $452,000
The salary Darnell could earn if he worked as an accountant $48,000
The wages and utility bills that Darnell pays $301,000
The rental income Darnell could receive if he chose to rent out his showroom $38,000
B.
Profit ($)
Accounting Profit 842,000 - 452,000 - 301,000 = 89,000
Economic Profit 842,000 - 452,000 - 301,000 - 48,000 - 38,000 = 3,000
C. Economic Profit as an accountant = 48,000 + 38,000 - 89,000 = -$3,000. Thus, Darnell should stay in the Piano business to maximize the Economic Profit.</span>
Milk is used in the production of cheese. Cheese and tofu are close substitutes in consumption. Milk and Oreos are complements in consumption. Suppose that the price of Oreos increases, how does this affect the market for tofu?
The correct answer is decreasing in price will increase the quantity demanded.
<h3>Why does price decrease when demand increases?</h3>
If demand does not change, there is an inverse relationship between the supply of goods and services and the price. As the supply of goods and services increases with the same demand, prices tend to fall to lower equilibrium prices and higher equilibrium quantities of goods and services.
The relationship between price and demand is negative. H. They are inversely proportional. The inverse relationship means that when the price of a product goes up, the demand for that product goes down, and vice versa. This is due to the law of reducing marginal utility.
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Answer:
Option D. After completion of market research, situation analysis, and competitor analysis
Explanation:
The reason is that the company always sets objectives and goals when it analyzes the business environment, the way competitor would react, product demand, etc and all these things come from market research, situation analysis, competitor analysis, position analysis, capability analysis, etc. This gives a clear picture where the organization must head towards. So after completion of these analysis and research, company is able to set goals.
Always remember that the company sets its goals before marketing planning (Option A) and after situation analysis (Option B) because it helps define what number of sales we need which formulates the marketing planning.
Option C is incorrect because strategies are set after the objectives and goals are set because the strategies are always alligned with the objectives and goals.
Option E is incorrect because Goals and Objectives are set always after the SWOT and PESTLE analysis not during these studies.
Here the only only option with broader meaning is option D which also includes the Option A and Option B.
Answer:
Conversion cost= $58,300
Explanation:
Giving the following information:
Direct labor $ 29,000
Manufacturing overhead $ 29,300
<u>The conversion costs are the sum of the direct labor and manufacturing overhead:</u>
Conversion cost= direct labor + Manufacturing overhead
Conversion cost= 29,000 + 29,300
Conversion cost= $58,300
Answer:
B. If both the current and accumulated E&P have deficit balances, a corporate distribution cannot be characterized as a dividend.
Explanation:
The statement written in the option B is correct.If both accumulated and current E&P have low balances,then we cannot corporate distribution as dividend rest of the options are false.Hence the answer is option B.
