All categories

3 years ago

The opportunity cost of an action is

Business

1 answer:

gogolik [260]3 years ago

6 0

Answer:

d. the highest valued alternative forgone as the result of choosing an option

Explanation:

An opportunity cost is anything that you sacrificing one thing for the other due to lack of recources and Scarcity of time

For example leisure time and working hours

You might be interested in

A Japanese worker can produce 6 units of steel or 3 televisions per hour. A Korean worker can produce 8 units of steel or 2 tele

kifflom [539]

Answer:

2 and 4

Explanation:

Japanese worker can produce 6 units of steel or 3 televisions per hour.

Korean worker can produce 8 units of steel or 2 televisions per hour.

Opportunity cost is the cost of the lost alternative. So when the country decides to produce only televisions it has to give up on steel production. Thus, the units of steel forgone for each unit of television gained is an opportunity cost of a television.

$Opportunity cost = \frac{Units of Steel lost}{Units of Television gained}$

Thus,

Opportunity cost of television for Japan = $\frac{6}{3} = 2$

Opportunity cost of television for Korea = $\frac{8}{2} = 4$

7 0

3 years ago

2. Because of the tender meat required, which of these cooking methods are the most expensive?

Vlada [557]

Answer:

The correct answer is letter "C": Steaming and broiling.

Explanation:

Steaming and broiling is the process by which food -in this case, meat- is cooked by placing it above a stove that is in heat. It enables to keep the natural flavor of the food and its nutrients. Besides, the shape and the color of the food do not suffer dramatic changes. Though, steaming ovens are expensive. Usually the cost more than $2000 (USD).

4 0

4 years ago

Read 2 more answers

A total of $4000 was invested, part of it at 8% interest and the remainder at 11%. if the total yearly interest amounted to $365

ella [17]

<span>$1500 was invested at 11% $2500 was invested at 8% Assuming simple interest for each investment, we have the following expressions 0.11x = interest on 11% investment. (x = amount invested at 11%) 0.08(4000-x) = interest on 8% investment Adding the 2 expressions together and setting the sum to 365 gives 0.11x + 0.08(4000-x) = 365 Now solve for x by first distributing the 0.08 0.11x + 320 - 0.08x = 365 Subtract 320 from both sides and combine x's 0.03x = 45 Divide both sides by 0.03 x = 1500 So $1500 was invested at 11% and (4000-1500) = 2500 was invested at 8%</span>

7 0

4 years ago

Winsor Construction Company uses the percentage-of-completion method of accounting. In 2007, Winsor began work on a contract it

Aleksandr-060686 [28]

Answer:

The gross profit recognized in 2007 is $1,200,000

Explanation:

Use the following formula to the percentage of completion

Percentage of completion = Total Cost / Contract price

Total cost = Cost incurred to date + Estimated cost to complete = $3,600,000 + $2,400,000 = $6,000,000

Contract price = $7,500,000

Placing values in the formula

Percentage of completion = $6,000,000 / $7,500,000 = 0..80 = 80%

Use the following formula to calculate the gross profit

Gross profit = Contract price - Total Cost = $7,500,000 - $6,000,000 = $1,500,000

Now calculate the gross profit recognised as follow

Gross profit recognised = Gross profit x Percentage of completion = $1,500,000 x 80% = $1,200,000

4 0

3 years ago

The following company information is available for March. The direct materials price variance is: Direct materials purchased and

lord [1]

Answer:

Option (d) $7,200 unfavorable.

Explanation:

Data provided in the question:

Standard price = $78

Actual price = $80

Standard quantity = 3,700

Actual quantity = 3,600

Now,

The direct material price variance

= ( Standard price - Actual price ) × actual quantity

= ( $78 - $80 ) × 3,600

= - 7,200 [ negative sign depicts unfavorable ]

Hence,

Option (d) $7,200 unfavorable.

5 0

3 years ago