Answer:
1. <u>implicit cost</u>
2.<u> explicit cost</u>
3. <u>implicit cost</u>
4. <u>explicit cost</u>
Explanation:
Implicit costs refer to those costs that represent opportunity cost. In simple terms they are notional or those which haven't been actually incurred but considered.
Opportunity costs refer to the cost of sacrificed alternatives when an alternative is opted for. For instance, a student pursuing post graduation incurs implicit cost in the form of income foregone had he chosen to work instead for the same duration.
In the given case, the foregone rental income Jacques would've earned had he chosen to rent out his showroom represents opportunity cost or implicit cost.
Similarly, the salary Jacques sacrificed by working in boat business represents implicit cost.
The wages and utility bills that Jacques pays and wholesale cost which he pays represent costs which have actually been incurred, which are termed as explicit costs.
<span>A life or health insurance policy is owned by an employee, but the premiums are paid by the employer: o The premiums are treated as taxable income to the employee. o The employer may deduct the premiums against business income as long as the premiums are a reasonable business expense.</span>
Answer:
Option A
Explanation:
There are primarily three credit bureaus to which the Lenders go namely -
a) TransUnion
b) Equifax
c) Experian
These three agencies are interested in reviewing credit reports before lending any financial aid.
Hence, option A is correct
Answer:
Explanation:
Please check attachment for the solution to the question.
Answer:
The total number of scooters is 10
Explanation:
Total profit is maximized where Marginal Revenue (MR) = Total Marginal Cost
= 50 + 50 + 50 + 50 = $200
TR = P × Q = (300 - 5Q) × Q = 300Q - 5Q²
So, MR = 
= 300 - 2(5Q) = 300 - 10Q
Now, MR = 200 gives,
300 - 10Q = 200
So, 10Q = 300 - 200 = 100
So, Q = 
So, Q = 10
