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pishuonlain [190]
2 years ago
15

When production is characterized by opportunity costs, the resulting production possibilities frontier will be a straight line.

Business
1 answer:
MatroZZZ [7]2 years ago
7 0

People often produce goods. When production is characterized by opportunity costs, the resulting production possibilities frontier will be a straight line is a true statement.

<h3>What is opportunity cost in terms of production?</h3>

The opportunity cost of transporting or changing from one efficient combination of production to another that is better is simply defined as how much a specific good that is one goods is given up so that a person can get more of another kind of goods.

Opportunity cost is said to be seen when spending more money on an item.

Due to the above, when production is seen to be more of constant opportunity cost, the resulting production possibilities frontier is known to occur on a straight line.

Learn more about Production from

brainly.com/question/1501489

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3 0
3 years ago
Delta bought equipment on 1/1/15 at a cost of $525. The equipment has a useful life of 7 years and no salvage value. The full co
Alexeev081 [22]

Answer:

Delta

a) Error discovered on 1/1/17: Net income for 2015 is incorrect. The net income is too low by $525

b) Error discovered on 1/1/17: Net income for 2016 is incorrect. The net income is too high by $75.

c) Error discovered on 1/1/18: Total assets for 1/1/18 are incorrect.  The assets are too low by $300 ($525 - $225)

d) Error discovered on 1/1/24: Retained earnings and total assets are correct.  

Explanation:

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Cost of equipment on 1/1/15 = $525

Estimated useful life = 7 years

Salvage value = $0

Cost of equipment recorded as Repairs and Maintenance Expense

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