A business owner makes 50 items a day. He spends 8 hours in producing those items. If hired elsewhere he could have earned 10 an hour. The item sells for 10 each. Production occurs seven days a week. If the explicit costs total 10,000 a month, the accounting profit for the month equals:
a. 1,760
b. 2,240
c. 11,760
d. 5,000
Question 2
Accountants and Economists differ in their calculations of profits in that;
a. economists consider sunk costs
b. accountants consider implicit costs only
c. accountants consider explicit costs only
d. all of the above
Elle and associates investigated the cost to Datura wrightii of producing sticky leaf trichomes.
In early industrialization, children worked alongside adults. They worked 12 hours a day Monday to ...
When operating your own business, it is wise to know your cost of capital and that of the ...
When operating your own business, it is wise to know your cost of capital and that of the ...
An organizational specialist is hired as a consultant to a company planning to open a coffee ...
A company that makes cell phones has the following cost structure. They have fixed costs of ...