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
cestrela7 [59]
3 years ago
6

Suppose that a small family farm sold its output for $100,000 in a given year. The family spent $25,000 on fuel; $40,000 on seed

, fertilizer, and pesticides; and $25,000 on equipment, including maintenance. The family members could have earned $20,000 working at other occupations. What is the family's accounting cost? What is the family's economic cost? Could the family's economic cost ever exceed its accounting cost? Why or why not?
Business
1 answer:
yarga [219]3 years ago
6 0

Answer:

Accounting Cost

Accounting costs refers to the explicit costs which ar the actual costs related to the business venture. In this case that would be:

= Fuel costs + Seed costs  + Equipment

= 25,000 + 40,000 + 25,000

= $90,000

Economic cost

This includes the accounting costs and then adds the implicit costs which are the opportunity costs of choosing the current business venture. In this case it is the $20,000 they could have been making working at other occupations.

= Accounting cost + Salary foregone

= 90,000 + 20,000

= $110,000

Economic costs will always be higher than Accounting costs because they include both the accounting costs and opportunity costs.

You might be interested in
Which of the following statements is FALSE?a. Electronic procurement systems can aid a company in saving both time and money.b.
alukav5142 [94]

Answer:

The answer is d. Centralized purchasing is where individual, local purchasing departments, such as at the plant level, make their own purchasing decisions.

Explanation:

Centralized purchasing is a purchasing system in which all the departments of a company with a wide geographical distribution can make purchases through a common purchasing organization.

8 0
3 years ago
Imagine the tea market has a demand function of QDX = 10 – 2PX and a supply function of QSX = PX − 2, where PX is the price of t
scoundrel [369]

Answer:

Call me 7061528052 call me at the end of the most important thing is that the only way to get to see the place of business and the rest of the most important thing is that the total number of

Explanation:

Call me 7061528052 call me at the end of the most important thing is that the only way to get to see the place of business and the rest of the most important thing is that the only way to get to see the place

3 0
2 years ago
About ____ percent of worldwide stocks of tuna, cod, and other large ocean fishes have disappeared in the last 50 years.
ehidna [41]

About ninety percent of worldwide stocks of tuna, cod, and other large ocean fishes have disappeared in the last 50 years.

Despite being present in every ocean in the world, tuna and other fishes have started disappearing. The North Atlantic, South Atlantic, as well as the Mediterranean Sea, have the worst conditions for the majority of fish species.

Bluefin, albacore, and yellowfin tuna stocks have drastically decreased as a result of years of overfishing for American and European markets. Although the Atlantic fisheries is heavily regulated, illegal fishing off the shore of coastal seas persists, particularly close to Africa, where impoverished nations cannot afford the patrols required to execute the law.

However, tuna populations cod and other large fish oceans  are declining even in the world's largest oceans, and some face extinction due to the continuous pressure of intensive commercial fishing.

To learn more about overfishing click here :

brainly.com/question/5142437

#SPJ4

8 0
1 year ago
Suppose that there are three beachfront parcels of land available for sale in Asilomar and six people who would each like to pur
poizon [28]

Answer:

When the minimum price is 582,500, the forth parcel WILL not be sold because the willingness to pay is LESS and no one will purchase it from the seller for atleast the minimum price.

Explanation:

Bob 620,000

Sean 750,000

Yvette 660,000

The people that will buy one of the three beachfront parcels are Bob, Sean and Yvette because they are the ones willing and has the ability to purchase the beachfront parcel of land available for sale in Asilomar.

Cho, Eric and Gianny may as well have the desire to own the beachfront land in Asilomar, but they do not have the ability to pay the selling price.

Therefore when the minimum price is 582,500, the forth parcel WILL not be sold because the willingness to pay is LESS and no one will purchase it from the seller for atleast the minimum price.

3 0
3 years ago
Mike Derr and Mark Finger form a partnership by combining assets of their separate businesses. The following balance sheet is fr
larisa86 [58]

Answer and Explanation:

According to the scenario, journal entry for the given data are as follows:

Cash A/c Dr. $1,000

Supplies A/c Dr. $3,000

Land A/c Dr. $8,000

Equipment A/c Dr. $5,000

To A/c Payable A/c $4,500

To Notes payable A/c $3,100

To M. Derr capital A/c $9,400    ($1000+$3000+$8000+$5000-$4500-$3100)

(Being Derr's investment is recorded)

3 0
2 years ago
Other questions:
  • The mere exposure effect most directly contributes to the positive relationship between ________ and liking.
    6·1 answer
  • Joe makes an hourly salary of $8.10 for 40 regular hours of work. For each hour worked over 40 hours, he is paid at a rate of $1
    13·1 answer
  • Using what you have learned in your focus group, you begin your analysis of the buyer decision process. In the first stage of th
    13·1 answer
  • Luis has a biweekly gross pay of $770 and claims 2 federal withholding allowances. Luis has all of the following deductions from
    8·2 answers
  • Do some research on the country of Ethiopia and discuss:
    10·1 answer
  • Process which is followed to monitor the movement of stock in a company<br><br>​
    7·1 answer
  • 30 pts!! Easy please help!! I’ll mark brainliest!!!!
    12·1 answer
  • A bank has the following balance sheet: SETS RETURN % MILLION $ LIABILITIES COST % MILLION $ Cash 0.00 35 Fixed-rate Deposits 3.
    8·1 answer
  • So there this girl and she is ...um ...a lot we were friends for along time and then she started starting fights with me and bei
    7·1 answer
  • The present value of an expected future payment ________ as the interest rate increases.
    11·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!