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dolphi86 [110]
3 years ago
15

Explain how opportunity cost is different for economic goods and free goods

Business
1 answer:
Pepsi [2]3 years ago
5 0

Answer:

The difference is that free goods have exactly zero opportunity cost, because they cost nothing, their price is zero, and their use is non rival, and non excludable, meaning that if a person uses a free good, that person does not prevent any other person from using the good.

Economic goods, on the other hand, are goods that have a price, and that have a cost of production. Besides they are rival and/or exclusionary. The opportunity cost of an economic good varies depending on the good, but it is never zero.

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Why did you leave savannah
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Answer:

Explanation:

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Read 2 more answers
Waymire Company sells a motor that carries a 60-day unconditional warranty against product failure. From prior years' experience
MA_775_DIABLO [31]

Answer: Income statement $100,000

Balance sheet warranty liability $Nill

Explanation:

Since we are at the end of the period and all activities has been concluded with no expectation of claim of repairs. The firm will only record the cost incurred for current period on repairs which is $100,00 ( $100*1000) . The liability will be zero since the company has taken care of all repairs for the period.

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3 years ago
Material and Labor Variances The following actual and standard cost data for direct material and direct labor relate to the prod
Damm [24]

Answer:

Materials:

price     800U

quantity 510 F

Labor:

rate          1,860 F

efficiency 1,740 U

Explanation:

DIRECT MATERIALS VARIANCES

(standard\:cost-actual\:cost) \times actual \: quantity= DM \: price \: variance

std cost           $5.10

actual cost  $5.30

quantity          4,000

(5.1 - 5.3) \times 4,000 = DM \: price \: variance

price variance  $(800.00)

(standard\:quantity-actual\:quantity) \times standard \: cost = DM \: quantity \: variance

std quantity 4000.00

actual quantity 3900.00

std cost  $5.10

(4,000 - 3,900) \times 5.1 = DM \: quantity \: variance

quantity variance  $510.00

DIRECT LABOR VARIANCES

(standard\:rate-actual\:rate) \times actual \: hours = DL \: rate \: variance

std rate  $8.70

actual rate  $8.40

actual hours 6,200

(8.7 - 8.4) \times 6,200 = DL \: rate \: variance

rate variance  $1,860.00

(standard\:hours-actual\:hours) \times standard \: rate = DL \: efficiency \: variance

std  hours 6000.00

actual hours 6200.00

std rate  $8.70

(6,000 - 6,200) \times 8.70 = DL \: efficiency \: variance

efficiency variance  $(1,740.00)

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3 years ago
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aliya0001 [1]

Answer: Please check in the explanation column for answer

Explanation: The entries on the appropriate dates to record the declaration and payment of cash dividend in Sheffield Corporation  is given as

Nov 1.

Debit: Cash Dividends 84,000

Credit: Dividends Payable 84,000

Dec 31.

Debit: Dividends Payable 84,000

Credit: Cash 84,000

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