Fillipe quit his old job where he had been earning $2,000 a month to start his own business. He also invested his savings into the business, which had been earning $1,000 a month in interest. Fillipe's implicit costs are: Select one: a. $2,000 b. $1,000 c. $3,000 d. greater than his explicit costs.

A student once said she 'didn't believe in sunk costs. She meant that the idea that 'some costs are sunk and shouldn't be accounted for in making decisions' didn't make sense and that all costs associated with a project were important. Do you think the concept of sunk costs is important to business decision-making? Why or why not?

. With the aid of a clearly labelled diagram illustrate;i.The least cost criterion for cost minimization ii.At what point does the least cost combination of inputs occur? iii.What are the optimal solutions to cost minimization?

Chris The use of fixed cost items to magnify the firm's results Correct! What are some uses for break-even analysis? Select all that apply, then click Submit below To see how much the changes in cost affect variable costs. To see how much the changes in volume affect cost and profit. To determine the magnitude of operations necessary to avoid loss. To figure out the most efficient level of fixed costs for the firm. To figure out the most inefficient way to make profit. To figure out the operating leverage. Submit

Which of the following describes an implicit cost? U NO opportunity cost is involved. NO outlay of money is required. O Accountants include these costs in total costs. They are an out-of-pocket expense.