Suppose you are hiring a contractor to remodel your kitchen. One contractor offers a fixed price for the complete job, while a competing contractor offers a cost-plus offer where you are billed a multiple of the contractor’s cost of materials. Which contractor has an incentive to incur cost overruns? Which contractor has an incentive to use substandard materials and less competent labor?

Which of the following is an example of an implicit cost? A) the cost of fuel and materials. B) the cost of fertilizer for a farmer C) wages paid to workers D) the economic depreciation of capital equipment the business owns

You have charged your client $8,650 on a cost plus percentage purchase of two sofas, two lounge chairs, and three occasional tables.  If the occasional tables were 30% of the total client cost, and all cost the same amount, what was the net price of these tables at a 15% markup? Explain.

How do you think the costs of teaching a commerce degree online would compare to the costs of a commerce degree taught on-campus at a university  (i.e., face-to-face)? (question is related to economic profit/cost) e.g. involving Average Total Cost (ATC), etc

Total Fixed Cost (TFC), Total Variable Cost (TVC), Total Cost (TC), and the Average Total Cost (ATC) per unit. A company produces 100 bicycles per month. The company pay 3,000 per rent, 2,000 per insurance, 1,000 per loan, including interests, 3,000 per labor, and 11,000 per raw materials. Calculate the Total Fixed Cost (TFC), the Total Variable Cost (TVC) the Total Cost (TC) of producing the 100 bicycles and the Average Total Cost (ATC) per bicycle.

Owner-supplied labor is a cost that is usually:    included in both accounting costs and economic costs.    included in accounting costs but not in economic costs.    included in economic costs but not in accounting costs.    not included in either accounting costs or economic costs.    ignored because it is impossible to place a value on it.

For the cost and price functions below, find a) the number, q, of units that produces maximum profit; b) the price, p, per unit that produces maximum profit; and c) the maximum profit, P. C(q) = 90+12q; p= 64-2q a) The number, q, of units that produces maximum profit is q = b) The price, p, per unit that produces maximum profit is p=$ c) The maximum profit is P = $.

Given Cost and Revenue functions C(q)=q3−10q2+52q+5000 and R(q)=−3q2+2400q​, what cost is incurred when marginal profit is​ $0?

Suppose your business operates a machine at a cost of ?$200 per day whether it is used or not plus ?$25 for each hour it is used. Use the line drawing tool to draw the daily cost curve for this machine assuming an 8 hour day. Label the curve? 'cost'.   Note:- Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism. Answer completely. You will get up vote for sure.

Which of the following is correct?   a) Total Fixed Cost = Total Cost + Total Variable Cost b) Total Cost = Total Variable Cost + Marginal Cost c) Average Fixed Cost = Average Total Cost – Average Variable Cost d) Average Total Cost = Marginal Cost + Average Fixed Cost