1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
bonufazy [111]
3 years ago
12

If you receive a ticket to a concert at no charge, what, if anything, is your opportunity cost of attending the concert?

Business
1 answer:
spin [16.1K]3 years ago
7 0

Answer:

The opportunity cost of attending the concert=$0

Explanation:

An opportunity cost is the total monetary loss that one has when they choose a given option. It can also be defined as the gain that one misses when the individual or business chooses one alternative over the other. Opportunity costs are not heavily considered in financial reports, however individuals or businesses who have the opportunity to choose from many alternatives at the same time need to consider the opportunity cost to make a more valuable decision in the long-run. Opportunity costs helps individuals and businesses to make better decisions on the options they have at their disposal.

The opportunity cost can be Determined using the following expression;

OC=FO-CO

where;

OC=opportunity cost

FO=return on best forgone option

CO=return on chosen option

Since in our case, the forgone option was not attending the concert, the cost would be=0

Also since the chosen option was the ticket at no charge, the cost would be=0

In our case;

OC=unknown

FO=0

CO=0

replacing;

OC=0-0=0

The opportunity cost of attending the concert=$0

You might be interested in
On July 15, 2021, Cottonwood Industries sold a patent and equipment to Roquemore Corporation for $750,000 and $325,000, respecti
cupoosta [38]

Answer:

Journal entry to record the Sale of Patent

Debit : Cash $750,000

Credit : Patent at Book Value $120,000

Credit : Profit and Loss $630,000

Journal entry to record the Sale of Equipment

Debit : Cash $325,000

Debit : Profit and loss $75,000

Debit : Accumulated depreciation $150,000

Credit : Equipment at Cost $550,000

Explanation:

During a sale transaction the entity recognizes 1. The Cash Proceeds resulting from the sale, 2. The Profit or loss resulting from the sale, 3.The entity derecognizes the Cost or Book Value of the Asset as well as the Accumulated depreciation.

A profit of $630,000 has been earned as a result of the sale of the Patent, whereas a loss of $75,000 has been incurred as a result of sale of Equipment.

8 0
3 years ago
Audits of financial statements are designed to obtain reasonable assurance of detecting misstatement due to?
alisha [4.7K]

Answer:

Errors, fraud, and noncompliance with laws with a direct effect on financial statement amounts.

<h3>How does the auditor obtain reasonable assurance?</h3>
  • In order to obtain reasonable assurance, the auditor shall obtain sufficient appropriate audit evidence to be able to draw reasonable conclusions on which to base the audit opinion.
  • Reasonable assurance is obtained when the auditor has thereby reduced audit risk to an acceptably low level.

To learn more about it, refer

to brainly.com/question/24553900

#SPJ4

5 0
1 year ago
What is say's law in economics
Radda [10]

Answer:

Say's law in economics is the ability to purchase something depends on the ability to produce and thereby generate income.

6 0
3 years ago
an economy in which all the boys became farmers when they are adults just as their fathers and grandfathers did would be an exam
sergeinik [125]
That would be an example of traditional economy.
8 0
3 years ago
QUICK ONE!
never [62]

Answer:

Rate is 1.5 times the straight line depreciation rate which is;

= \frac{80,000}{8}

= $10,000 per year

Rate = \frac{10,000}{80,000} * 100%

=12.5%

Reducing balance rate = 12.5% * 1.5

= 18.75%

The Depreciation Schedule would be;

Year   Beginning Book Value  Depreciation Expense   Accumulated Depreciation   Book Value

1  $80,000  80,000*18.75% = $15,000   $15,000   $65,000

2  $65,000  65,000 * 18.75% = $12,1875.50   $27,187.50   $52,812.50

3  $52,812.50  52,812.5 *18.75% = $9,902.34   $37,187.84   $42,910.16

4  $42,910.16  42,910.16 * 18.75% = $8,045.66   $45,233.50   $34,766.50

5  $34,766.50  34,766.50 * 0.1875 = 6,518.72   $51,752.22   $28,247.78

6  $28,247.78  28,247.78 * 0.1875= $5,296.45   $57,048.67   $22,951.33

7  $22,951.33  22,951.33 * 0.1875= 4,403.37   $61,452.04   $18,547.96

8  $18,547.96  18,547.96 * 0.1875 = $3,477.74    $80,000   $0

   $3,477.74 + 15,070.22= $18,574.96      

Depreciation for the last year was not sufficient to take the truck to $0 so the remainder will be depreciated in that year so that it may be completely depreciated.

3 0
3 years ago
Other questions:
  • An investment projects requires that a company incurs maintenance in the second year. Under the net present value method, the co
    15·1 answer
  • 6. A driver needs more time to cross an intersection than he does to turn
    10·2 answers
  • If an arbitrageur can borrow up to $1,000,000 (or CD1,250,000), formulate a covered interest arbitrage. Make sure to explain you
    9·1 answer
  • A supply curve shows the relationship between the​ ______ and​ _____ when all other influences on selling plans remain the same.
    7·1 answer
  • A firm has actual sales in November of $1,000 and projected sales in December and January of $3,000 and $4,000, respectively. Th
    10·1 answer
  • Kiwi Plc sold an antique painting which had been purchased inJanuary 1996 for £21,000. It was sold for £4,200 in January 2021. T
    7·1 answer
  • 1. What is the author trying to say in comparing Becky's world with Desta's world?<br><br> Help me
    13·1 answer
  • Which situation best illustrates the role of households in the circular flow of
    9·2 answers
  • you are writing a long, complex document in which you need to explain a series of events that led to a problem, evaluate several
    14·1 answer
  • If government spending increases or personal income taxes decrease, what are the likely effects on output, price level, and inte
    11·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!