Answer:
b shift both sras and lras
Explanation:
factor of production are the resourced that are the building blocks of the economy they are four in number labor ,land, capital,entrepreneurship these factors influence the growth of production.
the sras or short run aggregate supply curve it represents a short-run relationship between price level and output supplied.higher level of productivity will curve sras level to right.
lras a curve that shows the relationship between price level and real GDP that would be supplied if all prices, including nominal wages, were fully flexible;this curve also shipts to right.
conclusion: the factor of production influences both curve short run aggregate supply curve and long run aggregate supply .
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Answer: a. Explicit Cost
b. Implicit cost
c Implicit cost
d. Explicit cost
Explanation:
Implicit cost is refers to the cost which has happened already but might not be shown as a separate expense. It is the opportunity cost which occurs when internal resources are used towards a project. Explicit costs, are the tangible assets and also the monetary transactions that can be found in real business opportunities.
Based on the explanation above, the answer to the following include:
a The wholesale cost for the guitars that Andrew pays the manufacturer = Explicit cost
b. The rental income Andrew could receive if he chose to rent out his showroom = Implicit cost
c. The salary Andrew could earn if he worked as an accountant = Implicit cost
d. The wages and utility bills that Andrew pays = Explicit cost
Answer:
$ 145
Explanation:
Units produced 3,500 units
Sale price $ 200 per unit
Direct materials $ 70 per unit
Direct labor $ 55 per unit
Variable manufacturing overhead $ 20 per unit
Variable Costs = $ 145
Variable selling and administrative costs $ 30 per unit
Total Variable Cost = $ 175* 3500= $ 612500
Fixed manufacturing overhead $ 350,000 per year
Fixed selling and administrative costs $ 150,000 per year
Total Costs $1112500
Total Unit Cost = $112500/3500= $ 317.85
Answer:
Solution Provided
Explanation:
Equipment Purchased = $20,600
Residual Value= 2600
useful life = 5years
Dep Straight line Method = <u>Cost- Residual Value</u>
useful life
Dep= <u>20,600-2600</u>
5
Dep=$ 3600
<u> Cash Account </u>
Debit Credit
Salaries 30,900
Utilities 17,600
Sales 231,000
<u>Bal C/D 182,500</u>
231,000 231,000
<u> Accounts Receivable </u>
Debit Credit
Due 4100
Uncollectable
(50%x 4100) 2050
uncollectable
(3%x 2050) 61.5
<u>Bal C/d 1988.5</u>
4100 4100
<u> Accrued Income </u>
Debit Credit
unpaid salaries 33700
Income Tax 10,100
<u>Bal C/d 43,800 </u>
43,800 43,800
<u> Equipment Account </u>
Debit Credit
Purchase 20,600
<u> Depreciation Account </u>
Debit Credit
DEp Charge 3600