Explicit costs would include:rent.the interest loss of the business owner on moneywithdrawn from his/her saving account and investedin the business.the loss of rent on a building the business ownerowns and uses in his/her business.the opportunity costs of the business owner's time.

Step 1: Explicit costs are the direct, out-of-pocket expenses a firm incurs in the production of…

Answered: Explicit costs would include: rent. the…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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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.
A cost that changes with the level of production is called a(n)____cost a.variable b.average total c.marginal b.fixed
Suppose that you want to open a new business or purchase an existing one. Describe that business. What good or service would you provide? Where would you be located? What would be some explicit costs of starting the business? What would be some implicit costs?
See the cost information in the table below. When this firm produces 5 units, what is the average total cost? Quantity produced/day Total Cost Variable Cost 0 $100 0 1 $175 $75 2 $200 $100 3 $250 $150 4 $280 $180 5 $360 $260 6 $400 $300
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Megan used to work at the local pizzeria for $17,000 per year but quit in order to start her own deli. Last year, she paid $4,000 rent each month, $4,500 for employee payroll each month, and $1,500 for supplies each month. She was planning on selling $2,500 worth of furniture but ended up bringing the furniture to her new deli. She had total revenue of $150,000. She asked an accountant and an economist to calculate her annual costs. Accountant says cost is $120,000, and economist says her cost is $139,500. Accountant says cost is $139,500, and economist says her cost is $120,000. Accountant says cost is $10,000, and economist says her cost is $29,500. Accountant says cost is $30,000, and economist says her cost is $10,500.

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Explicit costs would include: rent. the interest loss of the business owner on money withdrawn from his/her saving account and invested in the business. the loss of rent on a building the business owner owns and uses in his/her business. the opportunity costs of the business owner's time.