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3 years ago

Definition of economic costs

Business

1 answer:

crimeas [40]3 years ago

6 0

Answer:

1. I grouped the costs into explicit and implicit costs below

2. accounting profit = 89000

3. economic profit = 3000

4. daniel should stay in the piano business

Explanation:

<u>explicit costs include</u>:

1. The wholesale cost for the pianos that Darnell pays the manufacturer at $452000

2. The wages and utility bills that Darnell pays at $301000

<u>the implicit costs include:</u>

1. The salary Darnell could earn if he worked as an accountant at $48000

2. The rental income Darnell could receive if he chose to rent out his showroom at $38000

<u>accounting profit</u><u>:</u>

842000-452000-301000

= 89000

<u>economic profit</u><u>:</u>

842000-452000-301000-48000-38000 = 3,000

<u>as an accountant economic profit</u><u>:</u>

48000+38000-89000

= -3000

so he should stay in the piano business so that economic profit would be maximized.

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in what way are monetary and fiscal policies similar? group of answer choices they both target aggregate demand to overcome busi

Arisa [49]

Monetary and fiscal policies are similar as they both target aggregate demand to overcome business fluctuations.

Option A is correct.

<h3>How do monetary and fiscal policies work together?</h3>

Fiscal policy affects aggregate demand through changes in government spending and taxation. These factors affect employment and household income, which in turn affect private consumption and investment. Monetary policy affects the amount of money in the economy that affects interest rates and inflation.

<h3>Is fiscal policy the same as monetary policy?</h3>

Fiscal policy is a policy enacted by the legislative branch of government. It deals with taxation and government spending. Monetary policy is enacted by the government's central bank. Address changes in a country's money supply by adjusting interest rates, reserves, and open market operations.

Learn more about Monetary policy:

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4 0

2 years ago

The competitive firm's supply curve is equal to A. the portion of its marginal cost curve that lies on and above AFC. B. its mar

grandymaker [24]

Answer:

a. the portion of its marginal cost curve that lies above the AVC

Explanation:

In short run, a perfectly competitive produces as long as its price is above its AVC, so revenues can cover total variable cost. If price is below AVC, the firm has to shut down. Since such a firm maximizes profit by equating Price with MC, this condition means that firm's supply curve is its MC curve lying above the (minimum point of) AVC curve.

6 0

3 years ago

Please, help, I will award brainliest!

AysviL [449]

For lower income people:

The more the government puts towards health care would mean there would be a higher quality of life for low income areas allowing them to get access to needed healthcare for no cost to them.

For higher income people / corporate entities:

it would mean higher taxes on the 1% and 0.1% of the richer people and raising taxes on corporations such as higher taxes on dividends.

Summary:

For a SoL on one side to change another side would have to lose.

3 0

3 years ago

Gerald received a one-third capital and profit (loss) interest in XYZ Limited Partnership (LP). In exchange for this interest, G

olchik [2.2K]

Answer:

The appropriate answer is "$9,300".

Explanation:

The given values are:

FMV,

= $31,000

Adjusted basis,

= $15,500

Encumbered mortgage,

= $9,300

Now,

The Gerald's outside basis will be:

= $Adjusted \ basis-Encumbered \ mortgage+Share \ of \ mortgage$

On substituting the given values, we get

= $15,500 - 9,300+(\frac{9,300}{3})$

= $15,500 - 9,300 + 3,100$

= $18,600-9,300$

= $9,300$ ($)

7 0

3 years ago

A personal business letter is written by an individual to a company for resolving issues related to an unexpected error on a bil

yarga [219]

Answer:

See the explanation below.

Explanation:

62, Charlton Street,

Ibadan, Oyo State,

Nigeria.

14 May 2020.

The Accounting Officer,

XYZ Company,

Ibadan, Oyo State,

Nigeria.

Dear Sir,

Complaint Lodgment Over an Unexpected Error in My Bill

This is to bring to your notice an unexpected error of $9 over charge in the consumable items I purchased from your store yesterday, 13 May 2020.

From my recalculation of the total amount for the purchased item, I could observed that the error was due to a transposition of figure by your cashier; he charged me a total sum of $76 instead of $67.

Copies of the invoice and the payment receipt for the items are hereby attached to this letter for your verification. After your verification, kindly get back to me so that I can come to your office for the refund.

I look forward to receiving your usual timely response.

Yours sincerely,

Amcool.

4 0

3 years ago