Differentiate between accounting costs and economic costs. Motivate your answer with the  aid of examples

Q: 2. P(t) = 5000t² + 300t - 200 models the profit, P, of Vroom Used Car Dealership where t is the time…

A: in every business there are two things firm focuses in order to maximize the profit.  1. cost - firm…

Q: Labor (workers/day) Output (units/day) Total fixed cost ($/day) Total variable cost ($/day) Total…

A: Total cost is the sum of fixed cost and variable cost.  Fixed cost are the cost that is fixed and…

Q: Sample problems Use the following information to answer all of the questions. Ahmad goes to a pizza…

A: Here, given two tables gives willingness to pay of Ahmad for pizza and soda drink, respectively.

Q: A cell phone plan has a basic charge of $35 a month. The plan includes 400 free minutes and charges…

A: Given: The charge of a cell phone is = $35 a month Plan includes = 400 free minutes Charges for each…

Q: Suggest and justify an appropriate launch strategy for Mīhī's. What organisational capabilities will…

A: A launch strategy means a comprehensive plan developed by a company while introducing a new product,…

Q: The is a tool available for events managers to help them keep the event on track. * event function…

A: The   event function tool    is a tool available for event managers to help them keep the event on…

Q: Employing economic cost/profit instead of accounting cost/profit when making business decisions…

A: Explicit Costs are the actual monetary costs incurred while conducting business operations. Example…

Q: Distinguish between design capacity and effective capacity. Provide a brief example. d. Why is the…

A: Design Capacity Vs Effective Capacity: Design  Capacity:                 The design capacity is…

Q: When making a decision such as buying a car, what step in the decision-making model would be ranking…

A: Making decisions requires choosing a plan of action, gathering information, and assessing…

Q: Revenue and cost functions for a company are given in the graph. (a) Estimate the marginal cost at q…

A: Revenue refers to the total amount of money earned by a company or organization from its operations…

Q: Only typed answer and please don't use chatgpt otherwise I downvote the answer  Q = 12S1/2P-2. Q is…

A: Q = 12S1/2P-2 Q is the number of newspapers sold and S is a number of inches of news printed. The…

Q: Which software should you purchase in order to save money in the long run, X or M? Not Satisfied…

A: Given:- Two Softwares X and M with their values being $6000 and $12000. To determine:- which…

Q: Quantity Fixed Cost Variable Cost Total Cost 2234 0 $ 10 $ 20 $ 100 $ 이 $100 SA 100 $40 $ 140 SA 100…

A: Fixed Cost (FC): Fixed costs are expenses that remain constant regardless of the level of output or…

Q: Fig 2.1 illustrates the law of diminishing returns in seeking the optimum system (or component)…

A: The Law of Diminishing returns refers to the marginal return states that adding an additional factor…

Q: How has technology eased the task of assessing actual food costs and actual beverage costs?

A: In economics, technology is often regarded as the fundamental driver of economic progress in…

Q: You're managing a project using the earned value management for cost management. The project planned…

A: The project planned value (PV) is $200,000.The project earned value (EV) is $100,000. The actual…

Q: GENERATE THE DECISION VARIABLE SOLUTION AND GENERATE AN ANSWER REPORT CASE 1. Julia's Food Booth…

A: In a case study analysis, the objective of the introduction is to provide the reader an overview of…

Q: 1.Factory does not install scrubber,Farmer uses south field Crop Damage ($)= 120 Farmer cost ($)=0…

A: Willingness to pay (WTP) is a concept used in economics and decision-making to measure the maximum…

Q: Choose a current news item about a company enduring a difficult situation such as layoffs,…

A: Two incredible powers are transforming the very nature of work: robotization and ever fiercer…

Q: Actions Events ΕΙ E2 E3 E4 ΑΙ 8 0 -10 6 A2 -4 12 18 -2 A3 14 6 0 8 Find the best action under each…

A: “Since you have posted multiple questions, we will provide the solution only to the first question…

Q: QUESTION 4 a. Explain any two process technologies for materials. b. Discuss any three factors that…

A: Answer b. The definition of the production process is the method by which the inputs of resources,…

Q: (d) What is the variable cost? ta What is the fixed cost?

A: since the cost of renting tuxes for choral societies formal is $19 down plus $85per tax. so, The…

Q: Hello, i have posted this question many times in chegg, but every time people answering this…

A: The objective of the question is to understand the meaning of the term 'Incentive' in the context of…

Q: Message systematics will greatly assist the audience in understanding the content of a presentation.…

A: An excessive number of individuals structure their presentations by arranging slides and afterward…

Q: The figure shows graphs of the total cost function and the total revenue function for a commodity.…

A: Marginal cost refers to the additional costs incurred by the producer in producing an additional…

Q: There is a monthly profit objective of $17,000 for Ricky's Repair Shop. 60 percent of for by…

A: The profit margin is a proportion of an organization's benefit (deals short all costs) separated by…

Q: On which factors does total cost for heating or air conditioning a building depends?

A: The sum of all the costs of producing a certain level of output incurred by a company is known as…

Q: Differentiate amongst total product, average product and marginal product. Motivate  your answer…

A: The theory of the production function capability portrays the connection between the physical…

Q: Company A orders three different winter boots from the same supplier. Demands for all three boots…

A: Unit Cost :  The cost  associated with  purchasing  a single  unit of a product or item.Selling…

Q: BridgeCo manufactures ar used struc standard size caseloads for a price of $4000. BridgeCo's fixed…

A: Price=$4000 Fixed Cost=$20,000 Variable Cost=$2000   (a) Total Revenue= Price*Quantity TR=4000*Q…

Q: Until recently, hamburgers at the city sports arena cost $2.50 each. The food concessionaire sold an…

A: Answer - "Thank you for submitting the questions. But, we are authorized to solve one question at a…

Q: tuey the VP for advertising at the Meg-low Mart is trying to sell Meg-Low Mart Body Spray for $1.99…

A: Following is the given information: Given the selling price of Spray = $1.99 per unit Variable cost…

Q: Suppose that the marginal revenue for a product is  MR = 1200 and the marginal cost is MC = 30 time…

A: We are going to solve this question using substitution method and profit maximisation techniques.

Q: 1. Write a demand and a supply curve expressed in the form of an exponential logarithmic functions…

A: The answer is solved below:

Q: pocket. If your bill is more than $10 you need to use your credit card to pay. If you use your…

A: Margin cost is the additional cost incurred due to increase in consumption by one unit  MCn = TC n -…

Q: 10.) Jin Golf Emporium sells golf balls for $31.95 per dozen. The emporium's overhead expenses are…

A: a) Let the price of a dozen golf balls be x. Then the retail price of a dozen golf balls is $31.95.…

Q: On Demand HD Providers Names TV Now HD Now Charges $14.99 $19.00 $10.99 $14.99 Number of Subcribers…

A: A pivot table takes a dataset with multiple rows and columns and allows the user to rearrange and…

Q: Cost, revenue, and profit are in dollars and x is the number of units. A firm knows that its…

A: Given, Marginal cost = MC = 3x+20 Marginal revenue = MR = 44-5x Cost of producing 100 units = 17,140…

Cost of Production

In economic theory, production costs are the costs incurred by an industrial organization when it engineers a project or provides a service that generates revenue and benefits. Labor costs, raw materials, consumable manufacturing costs, and general overhead sum up, accounting for production costs. Total cost data is calculated by combining total direct costs of materials, labor costs, and total production costs.