An Asian manufacturer of running shoes pays its workers $275 to make 100 pairs an hour. Workers
Question:
An Asian manufacturer of running shoes pays its workers $275 to make 100 pairs an hour. Workers use company-owned equipment that costs $300 an hour in forgone interest and economic depreciation. Materials cost $900.
Which costs are explicit costs? Which are implicit costs? With total revenue from the sale of 100 pairs of shoes of $1,650, calculate economic profit.
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 100% (QA)
Explicit costs are wages 275 and mater...View the full answer
Answered By
Umber Talat
I am providing full time mentoring and tutoring services in Business Finance, Contemporary issue in Global Economy, Quantitative Techniques, Principles of Marketing, strategic marketing, International Marketing, Organizational Behavior (OB), Consumer Behavior, Sales Force Management, Strategic Brand Management, Services Marketing, Integrated Marketing Communication (IMC), Principles of Management, General Management, Strategic Management, Small and Medium Enterprise Management, Innovation Management, Change Management, Knowledge Management, Strategic Planning, Operations Management, Supply Chain Management, Logistics Management, Inventory management, Total Quality Management (TQM), Productions Management, Project Management, Production Planning, Human Resource Management (HRM), Human Resource Development, Strategic HRM, Organizational Planning, Performance and Compensation Management, Recruitment and Selection, Organizational Development, Global Issues in Human Resource Management, Retail Marketing, Entrepreneurship, Entrepreneurial Marketing, International Business, Research Methods in Business, Business Communication, Business Ethics.
4.70+
158+ Reviews
236+ Question Solved
Related Book For
Question Posted:
Students also viewed these Business questions
-
The following questions are used in the Kaplan CPA Review Course to study leases while preparing for the CPA examination. Determine the response that best completes the statements or questions. 1. A...
-
Voest ltd is a manufacturer and distributer of mine drilling equipment. All of its customers are in the extraction industry. The technology in the extraction industries has been changing rapidly in...
-
An important task in the audit of the revenue cycle is determining whether a client has appropriately recognized revenue. a. In assessing the risks associated with revenue recognition, the auditor of...
-
No Opportunity Costs The Van Division of MotoCar Corporation has offered to purchase 180,000 wheels from the Wheel Division for $41 per wheel. At a normal volume of 500,000 wheels per year,...
-
Both U.S. GAAP and IFRS require the immediate recognition in net income of unrealized gains and losses on derivatives hedging recognized assets and liabilities treated as lair value hedges. Both U.S....
-
Haileys Hats manufactures and distributes hats for every imaginable occasion. Henrietta Hailey started the company in her house three years ago and has been surprised at her success. She is...
-
For approximately 20 months, Robert E. McDonald perpetrated a scheme to solicit millions of dollars purportedly for a \($100\) million purchase by the RAI Entities and certain other related corporate...
-
Crackling Fried Chicken bought equipment on January 2, 2016, for $21,000. The equipment was expected to remain in service for four years and to perform 3,600 fry jobs. At the end of the equipments...
-
Discuss in detail some of the most common mistakes made when administering a database? Who is responsible for completing tasks needed to administer the database? What could have been done differently...
-
Construct the average fixed cost, average variable cost, and average total cost schedules and the marginal cost schedule. Lens body board factory pays $60 a day for equipment and $200 a day to each...
-
Tom leases a farmers field and grows pineapples. Tom hires students to pick and pack the pineapples. Table 1 sets out Toms total product schedule. 1. Calculate the marginal product of the third...
-
How far on average does O 2 travel in 1 second at 298 K and 1 atm? How does this distance compare to that of Kr under identical conditions?
-
As a Uni student studying global and organisation strategies What are the most important things you have learnt in the unit? Which topic/s did you enjoy? Which content/s of the unit is/are still...
-
A company uses the weighted average method for inventory costing. At the beginning of a period the production department had 20,000 units in beginning work in process inventory which were 40%...
-
Happy Ten produces sport socks. The company has fixed expenses of $90,000 and variable expenses of $0.90 per package. Each package sells for $1.80. The number of packages Happy Ten needed to sell to...
-
1.) Find the interest paid on a 3-year lease for a $25750 car if the car's residual value is $17591 and the lease has an annual interest rate of 4%. Round your answer to the nearest dollar. 2.) Find...
-
How SDN technology improves MPLS overlay?
-
Suppose that Space Toys quarterly budgeted sales in units were based on an estimated 10% market share. Actual market size, based on research data, was 100,000 rocket ships for the most recent...
-
Which of the ocean zones shown would be home to each of the following organisms: lobster, coral, mussel, porpoise, and dragonfish? For those organisms you identify as living in the pelagic...
-
In 2017, the outcome turned out to be row D of the left side table. Plot the short-run Phillips curve for 2018 and mark the points A, B, C, and D that correspond to the data in the right part of the...
-
Explain the relationship between the long-run Phillips curve and potential GDP and the short-run Phillips curve and the aggregate supply curve.
-
The inflation rate is 3 percent a year, and the quantity of money is growing at a pace that will maintain the inflation rate at 3 percent a year. The natural unemployment rate is 4 percent, and the...
-
write an email to my friend that's taking too much brown sugar because of his belief that Brown sugar is healthier than White sugar which is just a health myth. (must be 400 words) 1. Write an...
-
Outback Outfitters sells recreational equipment. One of the company's products, a small camp stove, sells for $130 per unit. Variable expenses are $91 per stove, and fixed expenses associated with...
-
What is the loss function for linear regression-Gradient Descent? How does gradient descent update the estimate, give the general formulae? Given X = [1, 2, 3, 4], and Y = [1.5, 2, 2.5, 5). If we...
Study smarter with the SolutionInn App