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Vlad1618 [11]
3 years ago
8

Which of the following are true regarding profits, revenues, and costs? Choose one or more: A. total costs = implicit costs + ex

plicit costs B. revenue = (price x quantity) – total costs C. profit = total revenue – total costs D. accounting profit = revenue – implicit costs E. economic profit = accounting profit – implicit costs F. revenue = price x quantity G. economic profit = revenue – implicit costs
Business
1 answer:
marusya05 [52]3 years ago
5 0

Answer:

A. total costs = implicit costs + explicit costs

C. profit = total revenue – total costs

E. economic profit = accounting profit – implicit costs

F. revenue = price x quantity

G.economic profit = revenue – implicit costs

Explanation:

Implicit costs are opportunity cost.

Explicit cost are the actual cost incured in carrying out an activity.

For example, if I decide to start up a delivery business, I would be leaving a job that pays $500. The cost to buy bicycles are $300. I make 10 deliveries and earn $1000.

My implicit cost is $500. It is what I would have been earning if I didn't start my business.

My explicit Cost is $300 which is the cost of acquiring bicycles.

Revenue = price of a good × quantity sold

Accounting profit = Revenue - Explicit cost. In the above example, my accounting profit is $1000 - $300 = $700

Economic profit = Accounting profit - implicit cost

In the above example, my economic profit is $700 - $500 = $200

I hope my answer helps you

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A bachelor degree is typically earned between 3 and 4 years. Many schools require students to complete about 40 courses or 120 credit hours.

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If the M1 multiplier is 3 and the Fed engages in open-market purchases in the amount of $3 billion, then monetary base will Grou
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Answer:

A

Explanation:

By definition, open-market operations change the monetary base.

In this exercise, the Fed engages in open-market purchases, which means that the Fed expands the amount of money in the banking system. Therefore the monetary base will increase by an amount equal to the amount of open-market purchases.

So monetary base will increase by $3 billion.

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Answer:

$1,088.12

Explanation:

The formula for calculating monthly repayments is as below.

M=  P x   <u>  r      </u>

              1 − (1+r)−^n

where p is the loan amount = $220,000

r = 4.3per cent or 0.043 % interest rate per year,

 on monthly basis r will be 0.043/12=0.00358%

n = 30 year, which is 30 x 12 months= 360 months

M= $220,000 x <u> 0.00358    </u>

                         1 - (1+0.00358 ) ^ - 360

M=$220,000 x<u>  0.00358  </u>

                         1- 0.2762

M = $220,000 x (0.00358 /0.7238)

M = $220,000 x 0.0049461

M = 1,088.12

Monthly payments will be $1,088.12

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3 years ago
Assume that MTA Sandwiches sells sandwiches for $7.20 each. The cost of each sandwich follows. Materials $ 2.70 Labor 0.90 Varia
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Answer:

MTA Sandwiches

a. A Schedule:

                                  Special Order  Regular Production    Total

Total contribution       $540                   $18,900                $19,440

Fixed overhead              0                        10,800                  10,800

Profit                           $540                     $8,100                  $8,640

Profits increased by $540 with the special order.

b. The lowest price per sandwich at which this special order  of 400 sandwiches can be filled without reducing MTA's profits is $4.05.  This is equal to the unit variable cost.  At this price, neither profit will be generated nor loss incurred from the special order.

Explanation:

a) Data and Calculations:

Cost of each sandwich:

Materials                             $ 2.70

Labor                                     0.90

Variable overhead                0.45

Fixed overhead

($10,800 per month,

6,000 units per month)       1.80

Total costs per sandwich $ 5.85

b) Computation of total profit for special order and regular production:

                                      Special Order     Regular Production   Total

Selling price =                           $5.40         7.20

Variable (Relevant) cost:

Materials                   $ 2.70

Labor                           0.90

Variable overhead      0.45      $4.05        $4.05

Contribution per unit                $1.35         $3.15

Total contribution ($1.35*400) $540     $18,900  ($3.15*6,000)   $19,440

Fixed overhead                                                                                  10,800

Profit                                                                                                  $8,640

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