accounting profits and economic profits for Gomez’s pottery. Explicit costs: $37‚000 (= $12‚000 for the helper + $5‚000 of rent + $20‚000 of materials). Implicit costs: $22‚000 (= $4‚000 of forgone interest + $15‚000 of forgone salary + $3‚000 of entreprenuership). Accounting profit = $35‚000 (= $72‚000 of revenue - $37‚000 of explicit costs); Economic profit = $13‚000 (= $72‚000 - $37‚000 of explicit costs - $22‚000 of implicit costs). 8-4 (Key Question) Complete the following table by calculating
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management concluded the large fixed cost absorbed sale figure. First it is important to understand the standard costing system implemented in Rubber group. Standard costing assigns quantity and price standards to each component of variable and fixed costs in calculating the total cost. In the case of NASA‚ the system uses standard purchasing price (input cost) and standard inputs usage in place for variable costs‚ and standard spending price (input cost) and standard
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Business (UKM-GSB-LHDN) Cost Classification: Government Agency PROBLEM 2-56 The Department of Natural Resources is responsible for maintaining the state’s parks and forest lands‚ stocking the lakes and rivers with fish‚ and generally overseeing the protection of the environment. Several cost incurred by the agency are listed below. For each cost‚ indicate which of the following classifications best describe the cost. More than one classification may apply to the same cost item. The Answers
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Evaluate how democratic in practice‚ initiatives and referendums are in making public policy. (30 marks) Initiatives and referendums are forms of direct democracy used by a majority of states in the United States. Direct democracy is a system‚ by which political decisions are made by the voting people rather than elected representatives. Throughout the US the involvement of the electorate varies‚ in states such as Alaska and Colorado referendums and initiatives are fundamental tools in policy
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TYPES OF COSTS Introduction :-Production is the result of services rendered by various factors of production.The producer or firm has to make payments for this factor services. From the point of view of the factor inputs it is called ‘factor income’ while for the firm it is ‘factor payment’‚ or cost of inputs.Generally‚ the term cost of production refers to the ‘money expenses’ incurredin the production of a commodity. But money expenses are not the only expensesincurred on the production
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February 2012 How does Ryanair use its supply chain to keep cost down and how does this emphasis on cost control affect its relationship with the end customer? Introduction In the 1980’s the first low cost carriers started expanding their operations into mainland Europe. Previously the concept of flying from London to Barcelona on a regular basis would have been very costly and timely on the incumbent scheduled carriers. The emergence of new low cost carriers transformed
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Each and every person has the potential and free choice to pursue a career as an entrepreneur. ANS: T PTS: 1 NAT: AACSB Reflective Thinking | Motivation Concepts KEY: pg 29 2. The generation of the 21st century may become known as generation E because they are becoming the most entrepreneurial generation since the Industrial Revolution. ANS: T PTS: 1 NAT: AACSB Reflective Thinking | Motivation Concepts KEY: pg 29 3. Determining a person’s “entrepreneurial
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| Nestlé: Sustainable Agriculture Initiative | | | Introduction Sustainability can be defined as the capacity to endure. Our world today‚ populated by nearly 7 billion people - number that will reach 9 billion by the year 2050 - is using more and more resources each day. Our main resource of energy‚ the oil‚ has already reached its climax‚ which mean that we will run out of it within 40 years; our forests are disappearing; our lands are degrading because of intensive farming.. All this
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First-Year Seminar 18 September 2013 Race and Its Audience Race is a very sensitive topic both historically and in the contemporary United States. There is an invisible line that should be kept in mind with dealing with the subject. If at all possible‚ I would say to avoid crossing the line. The way that people discuss race has changed a lot through the years. A long time ago‚ race was a taboo kind of subject so it was necessary to be careful not to offend people of other races. Nowadays‚ people
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This was the diagnosis of stage four cancers that affected my mom and there was nothing that the doctors could do. The next question my dad had was‚ “How long?” The doctor said‚ “Less than ninety days‚” due to the fact that the cancer had eaten its way through mom’s bladder. This is the most serious illness that I have had to deal with was truly hard on me and a lot more so on my dad; since he and mom would have been married more than thirty years. My question was‚ “Okay‚ do we tell her or just
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