The impact on the cost of growing strawberries when a housing developer offers thrice the rate is to be determined.

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Answer 1

Question

Chapter 11, Problem 1P

To determine

The impact on the cost of growing strawberries when a housing developer offers thrice the rate is to be determined.

Expert Solution & Answer

Answer to Problem 1P

The cost of growing strawberries on one's own land, if a housing developer offers three times of what one thought it was worth of, is the amount that the housing developer is offering for the land.

Explanation of Solution

Costs associated with an action are the payments to be incurred in terms of time, money, etc.

One type of cost is the opportunity cost. Opportunity cost of an action is the cost of the next best alternative given up. Thus, if one chooses to grow strawberry on one's own land, he is forgiving the price that could be fetched by selling the land to the housing developer for three times the expected price of land. Hence, The cost of growing strawberries on one's own land if a housing developer offers three times of what one thought it was worth of is the amount that the housing developer is offering for the land.

Economics Concept Introduction

Costs:

Costs associated with an action are the payments to be incurred in terms of time, money, etc.

Opportunity cost:

Opportunity cost of an action is the cost of the next best alternative given up.

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Students have asked these similar questions

Sue is a sole proprietor of her own sewing business. Revenues are $150,000 per year and raw material (cloth, thread) costs are $130,000 per year. Sue pays herself a salary of $60,000 per year but gave up a job with a salary of $80,000 to run the business. ○ A. Her accounting profits are $0. Her economic profits are - $60,000. ○ B. Her accounting profits are $0. Her economic profits are - $40,000. ○ C. Her accounting profits are - $40,000. Her economic profits are - $60,000. ○ D. Her accounting profits are - $60,000. Her economic profits are -$40,000.

Select a number that describes the type of firm organization indicated. Descriptions of Firm Organizations: 1. has one owner-manager who is personally responsible for all aspects of the business, including its debts 2. one type of partner takes part in managing the firm and is personally liable for the firm's actions and debts, and the other type of partner takes no part in the management of the firm and risks only the money that they have invested 3. owners are not personally responsible for anything that is done in the name of the firm 4. owned by the government but is usually under the direction of a more or less independent, state-appointed board 5. established with the explicit objective of providing goods or services but only in a manner that just covers its costs 6. has two or more joint owners, each of whom is personally responsible for all of the partnership's debts Type of Firm Organization a. limited partnership b. single proprietorship c. corporation Correct Number

The table below provides the total revenues and costs for a small landscaping company in a recent year. Total Revenues ($) 250,000 Total Costs ($) - wages and salaries 100,000 -risk-free return of 2% on owner's capital of $25,000 500 -interest on bank loan 1,000 - cost of supplies 27,000 - depreciation of capital equipment 8,000 - additional wages the owner could have earned in next best alternative 30,000 -risk premium of 4% on owner's capital of $25,000 1,000 The economic profits for this firm are ○ A. $83,000. B. $82,500. OC. $114,000. OD. $83,500. ○ E. $112,500.

Answer 2

Question

Chapter 11, Problem 1P

To determine

The impact on the cost of growing strawberries when a housing developer offers thrice the rate is to be determined.

Expert Solution & Answer

Answer to Problem 1P

The cost of growing strawberries on one's own land, if a housing developer offers three times of what one thought it was worth of, is the amount that the housing developer is offering for the land.

Explanation of Solution

Costs associated with an action are the payments to be incurred in terms of time, money, etc.

One type of cost is the opportunity cost. Opportunity cost of an action is the cost of the next best alternative given up. Thus, if one chooses to grow strawberry on one's own land, he is forgiving the price that could be fetched by selling the land to the housing developer for three times the expected price of land. Hence, The cost of growing strawberries on one's own land if a housing developer offers three times of what one thought it was worth of is the amount that the housing developer is offering for the land.

Economics Concept Introduction

Costs:

Costs associated with an action are the payments to be incurred in terms of time, money, etc.

Opportunity cost:

Opportunity cost of an action is the cost of the next best alternative given up.

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Answer 3

Question

Chapter 11, Problem 1P

To determine

The impact on the cost of growing strawberries when a housing developer offers thrice the rate is to be determined.

Expert Solution & Answer

Answer to Problem 1P

The cost of growing strawberries on one's own land, if a housing developer offers three times of what one thought it was worth of, is the amount that the housing developer is offering for the land.

Explanation of Solution

Costs associated with an action are the payments to be incurred in terms of time, money, etc.

One type of cost is the opportunity cost. Opportunity cost of an action is the cost of the next best alternative given up. Thus, if one chooses to grow strawberry on one's own land, he is forgiving the price that could be fetched by selling the land to the housing developer for three times the expected price of land. Hence, The cost of growing strawberries on one's own land if a housing developer offers three times of what one thought it was worth of is the amount that the housing developer is offering for the land.

Economics Concept Introduction

Costs:

Costs associated with an action are the payments to be incurred in terms of time, money, etc.

Opportunity cost:

Opportunity cost of an action is the cost of the next best alternative given up.

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Answer 4

Question

Chapter 11, Problem 1P

To determine

The impact on the cost of growing strawberries when a housing developer offers thrice the rate is to be determined.

Expert Solution & Answer

Answer to Problem 1P

The cost of growing strawberries on one's own land, if a housing developer offers three times of what one thought it was worth of, is the amount that the housing developer is offering for the land.

Explanation of Solution

Costs associated with an action are the payments to be incurred in terms of time, money, etc.

One type of cost is the opportunity cost. Opportunity cost of an action is the cost of the next best alternative given up. Thus, if one chooses to grow strawberry on one's own land, he is forgiving the price that could be fetched by selling the land to the housing developer for three times the expected price of land. Hence, The cost of growing strawberries on one's own land if a housing developer offers three times of what one thought it was worth of is the amount that the housing developer is offering for the land.

Economics Concept Introduction

Costs:

Costs associated with an action are the payments to be incurred in terms of time, money, etc.

Opportunity cost:

Opportunity cost of an action is the cost of the next best alternative given up.

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Answer 5

Chapter 11, Problem 1P

To determine

The impact on the cost of growing strawberries when a housing developer offers thrice the rate is to be determined.

Expert Solution & Answer

Answer to Problem 1P

The cost of growing strawberries on one's own land, if a housing developer offers three times of what one thought it was worth of, is the amount that the housing developer is offering for the land.

Explanation of Solution

Costs associated with an action are the payments to be incurred in terms of time, money, etc.

One type of cost is the opportunity cost. Opportunity cost of an action is the cost of the next best alternative given up. Thus, if one chooses to grow strawberry on one's own land, he is forgiving the price that could be fetched by selling the land to the housing developer for three times the expected price of land. Hence, The cost of growing strawberries on one's own land if a housing developer offers three times of what one thought it was worth of is the amount that the housing developer is offering for the land.

Economics Concept Introduction

Costs:

Costs associated with an action are the payments to be incurred in terms of time, money, etc.

Opportunity cost:

Opportunity cost of an action is the cost of the next best alternative given up.

Answer 6

Chapter 11, Problem 1P

To determine

The impact on the cost of growing strawberries when a housing developer offers thrice the rate is to be determined.

Expert Solution & Answer

Answer to Problem 1P

The cost of growing strawberries on one's own land, if a housing developer offers three times of what one thought it was worth of, is the amount that the housing developer is offering for the land.

Explanation of Solution

Costs associated with an action are the payments to be incurred in terms of time, money, etc.

One type of cost is the opportunity cost. Opportunity cost of an action is the cost of the next best alternative given up. Thus, if one chooses to grow strawberry on one's own land, he is forgiving the price that could be fetched by selling the land to the housing developer for three times the expected price of land. Hence, The cost of growing strawberries on one's own land if a housing developer offers three times of what one thought it was worth of is the amount that the housing developer is offering for the land.

Economics Concept Introduction

Costs:

Costs associated with an action are the payments to be incurred in terms of time, money, etc.

Opportunity cost:

Opportunity cost of an action is the cost of the next best alternative given up.

Answer 7

Chapter 11, Problem 1P

To determine

The impact on the cost of growing strawberries when a housing developer offers thrice the rate is to be determined.

Answer 8

Expert Solution & Answer

Answer to Problem 1P

The cost of growing strawberries on one's own land, if a housing developer offers three times of what one thought it was worth of, is the amount that the housing developer is offering for the land.

Answer 9

Expert Solution & Answer

Answer 10

Expert Solution & Answer

Answer 11

Explanation of Solution

Costs associated with an action are the payments to be incurred in terms of time, money, etc.

One type of cost is the opportunity cost. Opportunity cost of an action is the cost of the next best alternative given up. Thus, if one chooses to grow strawberry on one's own land, he is forgiving the price that could be fetched by selling the land to the housing developer for three times the expected price of land. Hence, The cost of growing strawberries on one's own land if a housing developer offers three times of what one thought it was worth of is the amount that the housing developer is offering for the land.

Answer 12

Economics Concept Introduction

Costs:

Costs associated with an action are the payments to be incurred in terms of time, money, etc.

Opportunity cost:

Opportunity cost of an action is the cost of the next best alternative given up.

Answer 13

Ch. 11 - Prob. 1P Ch. 11 - Prob. 2P Ch. 11 - Prob. 3P Ch. 11 - Prob. 4P Ch. 11 - Prob. 5P Ch. 11 - Prob. 6P Ch. 11 - Prob. 7P Ch. 11 - Prob. 8P Ch. 11 - Prob. 9P Ch. 11 - Prob. 10P

The impact on the cost of growing strawberries when a housing developer offers thrice the rate is to be determined.

The impact on the cost of growing strawberries when a housing developer offers thrice the rate is to be determined.

Answer to Problem 1P

Explanation of Solution

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Chapter 11 Solutions