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quester [9]
3 years ago
12

Bubba is a shrimp fisherman who could earn $5,000 as a fishing tour guide. Instead, he is a full-time shrimp fisherman. In calcu

lating the economic profit of his shrimp business, the $5,000 that Bubba gave up is counted as part of the shrimp business's:________.
a. total revenue.
b. explicit costs.
c. implicit costs.
d. marginal costs.
Business
1 answer:
AnnyKZ [126]3 years ago
4 0

Answer:

Implicit cost

Explanation:

Implicit costs are referred as the opportunity costs that are associated with the selection of a particular activity. Opportunity costs are defined as the benefits that are foregone or sacrificed for selecting some other alternative.

In our case, Bubba is choosing shrimp fisherman over the other alternative of working as a fishing tour guide where he could earn an income $5,000. Hence, the amount of money income foregone from working as a fishing tour guide is the implicit cost in this case.

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The town of Sanford, Maine, decided to auction off a plot of land owned by the town. The town advertised that it would accept bi
rodikova [14]

Answer:

The answer is: Both parties could win, depending if there were other conditions established for the auction.

Explanation:

Usually when an auction is carried out there are conditions established beforehand by the auctioneer that must be fulfilled in order for the sale to be completed.

In this case, since we don´t know what other conditions the town of Sanford included in the auction, if any other condition at all, we can´t conclude which party could win the lawsuit. For instance if a reserve was required but Arthur and Arlene didn´t do the reserve deposit, then they will obviously lose. The same happens with other established conditions like a minimum price set, etc. But if no other condition established, then Arthur and Arlene could win.

5 0
3 years ago
A certain store sells all maps at one price and all books at another price. On Monday the store sold 12 maps and 10 books for a
solong [7]

Answer:

(B) $0.50

Explanation:

The total cost is a function of the number of maps sold and the number of books sold. To determine the cost of each, a set of equations have to be solved simultaneously.

Let the cost of a map be m and that of a book be b

12m + 10b = 38

20m + 15b = 60

6m + 5b = 19

4m/3 + b = 4, b = 4 - 4m/3

6m + 20 - 20m/3 = 19

2m/3 = 1

m = 3/2 = 1.50

b = 4 - 4m/3

b = 4 - 2 = 2

The cost of a book is $2 while that of a map is $1.50

Hence a map sell for $0.50 less than a book.

7 0
3 years ago
Compare and contrast anticipatory and response-based business models. Why has responsiveness become popular in supply chain coll
Anon25 [30]

Answer:

Forecast and planning

Explanation:

An anticipatory model is a model under which market forecast determines the production of products by the manufacturer, and purchases by retailers also determined by forecasts and promotional plans. Since the forecasts are wrong most of the times, anticipatory model usually leads to differences in the actual production of the firms and what they initially planned to produce.  

Anticipatory Model is a risky model because anticipation of future events always determines the work to do by the firm.

On the contrary, the Responsive Business Model does not depend on forecasts, but ensure that what to be done are adequately planned and information among firms in the supply chain are properly exchanged. This makes the model not to be risky and ensure doing more than what has already been planned is avoided. Therefore, the aim of the responsive model which also known as Pull Model is to eliminate reliance on forecast.  

The major reason the Responsive Model has become popular in supply chain collaborations is that it allows for the customization of products on smaller orders by customers.  However, the Anticipatory Model does not give customers any choice or power but to buy or not buy.

4 0
3 years ago
Tubby Toys estimates that its new line of rubber ducks will generate sales of $7 million, operating costs of $4 million, and a d
Pavlova-9 [17]

Answer:

$2,300,000

Explanation:

The formula to compute the operating cash flow is shown below:

= EBIT + Depreciation - Income tax expense

where,  

EBIT = Sales - operating expenses - depreciation expense  

= $7,000,000 - $4,000,000 - $1,000,000

= $2,000,000

And, the income tax expense is

= $2,000,000 × 0.35

= $700,000

So, the value would equal to

= $2,000,000 + $1,000,000 - $700,000

= $2,300,000

We simply applied the above formula

7 0
3 years ago
The income approach calculates the _____.
Fantom [35]

Answer:

National income

   

Explanation:

 Income method of gross domestic product (GDP) measurement is focused onto the accounting fact that almost all economic spending should be equivalent to the amount of revenue earned by the output of all consumer products and services.

This method also supposes that an economy has 4 major production determinants and all earnings must go to any of these 4 sources. Thus a simple calculation of the gross tangible value of commerce over a span could be made by combining all revenue sources.

Thus, from the above we can conclude that the correct option is C.

8 0
3 years ago
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