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Natasha_Volkova [10]
3 years ago
10

Economists consider both explicit and implicit costs when measuring economic profit

Business
1 answer:
patriot [66]3 years ago
7 0

Explicit and Implicit costs should be considered when measuring economic profit because a business must cover its opportunity costs as well as its out-of-pocket expenses to be truly profitable. Economic profit consists of revenue minus implicit (opportunity) and explicit (monetary) costs. Explicit costs are monetary costs a firm has. Implicit costs are the opportunity costs of a firm’s resources.

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Answer

The answer and procedures of the exercise are attached in the following archives.

Explanation  

You will find the procedures, formulas or necessary explanations in the archive attached below. If you have any question ask and I will aclare your doubts kindly.  

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Cinnamon Corp. started business in 2007, uses a periodic inventory system and uses the weighted average cost method. During 2007
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Answer:

€4,883,000

Explanation:

The computation of cost of sales is shown below:-

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= €4,883,000

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3 years ago
Economists assume we are all making the most reasonable decisions with our resources, but how do you explain people paying $40,0
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3 years ago
A local ice-cream parlor has 100 customers in the "rush" hour between 5PM and 6PM (assume that the customers arrive according to
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Answer: 36 seconds.

Explanation:

Based on the information given in the question, the Taktzeit for the ice-cream scoopers will be calculated thus:

First and foremost, Taktzeit refers to the time taken between the beginning of production for one unit and the beginning of the next unit.

From the information given, the available Time is 1 hour which can be converted to secunds and this will be:

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= 36 seconds

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