Answer:
(a) $500
(b) $620
(c) $180
(d) $72
Explanation:
Explicit costs refers to the which are incurred during running the business and these costs affects the profitability of the company.
Implicit costs refers to the opportunity cost of selecting some other alternative.
(a) Here, the explicit cost is the cost of purchasing materials = $500
(b) If I rent an electric saw, then the explicit cost is as follows:
= Purchasing cost of material + (Rent × No. of hours to build ramp)
= $500 + ($20 × 6 )
= $500 + $120
= $620
(c) If I use a handsaw, then the implicit cost is as follows:
= Hours to build ramp × A job pays $12 per hour
= 15 × $12
= $180
(d) If I rent an electric saw, then the implicit cost is as follows:
= Hours to build ramp × A job pays $12 per hour
= 6 × $12
= $72
Answer
The answer and procedures of the exercise are attached in a microsoft excel document.
Explanation
Please consider the data provided by the exercise. If you have any question please write me back. All the exercises are solved in a single sheet with the formulas indications.
Papal was the first secure payment intermediary allowing anyone to pay with credit cards and bank accounts without sharing his or her financial information for online purchases.
A bank is a financial institution that has the authority to accept deposits and make loans. There are different types of banks such as retail banks, commercial banks, and investment banks.
The function of banks is to collect deposits from the public and lend them for the development of agriculture, industry, commerce, and commerce. Banks pay interest to depositors at lower interest rates and receive interest on loans at higher interest rates.
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The correct answer is; Offer the customer some literature about the product to take with them.
Further Explanation:
If the customer is already using a product that your bank is offering, you can give them some literature such as pamphlets explaining your banks product. It will depend on your banks policy on giving out information to non-customers.
The information that you give the possible customer should include prices and any perks that they may receive for changing banks. In addition to giving the person literature, you can offer to explain your product in more details and the reasons why they should change banks.
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B. Ordinal is the Equal Employment Opportunity Act which requires employers to classify their employees by gender and national origin
