Answer: Intuition
Explanation:
Intuition is the ability to make decisions or carry out a judgement without conscious reasoning but rather by feelings or past experience. Sam makes use of Intuition most times when there is no time for rational analysis. He makes decision out the mindset that he believes it would work rather than a conscious effort to decide.
A high level of industrialization.
It’s cheaper for them to buy so they end up profiting more.
Answer:
a. Tyler says his costs are $25,900, and Greg says his costs are $66,500.
Explanation:
We know accounting cost is the expenditure made on ingredients by the company which is, $25000 that Walter paid for supplies last year. Walter also paid 3 % interest to his uncle,
Interest to the uncle = (30000*3)/ 100
= $900
total accounting cost that an accountant quotes = 25000 + 900
= $25,900
According to the economist explicit cost is $25900. We also include implicit cost in it. If Walter would not be a business then he would be earning $40000 as teacher and $600 interest from savings bank account.
total economic cost according to economist = 25900 + 40000 + 600
= $66,500
