Demonstrating opportunity cost is done through production

Asked by maham237 @ 29/12/2020 in Social Studies viewed by 309 People

Answered by maham237 @ 29/12/2020

Demonstrating opportunity cost is done through production: Possibility
Opportunity cost is a type of cost that incurred when we choose to make a certain decision over another.
In production, Opportunity cost will occur when we're choosing the possibility of what product we should produce, how we should produce it, or for whom we produce it

What is a production cost report

Asked by maham237 @ 12/02/2021 in Business viewed by 318 persons

PA12. LO 5.4Complete this production cost report:

Traditional volume based product costing system

Asked by maham237 @ 01/01/2021 in Business viewed by 324 persons

Harwell, Inc. uses a traditional volume-based costing system in which direct labor hours are the allocation base. Harwell produces two different products: Product A, which uses 40,000 direct labor hours, …

Which method is better for assigning costs to each product

Asked by admin @ 26/11/2021 in Business viewed by 320 persons

When should process costing techniques be used in assigning costs to products? a. if the firm manufactures heterogeneous products b. if the products are repetitively produced c. if the products …

Which scenario is the best example of an opportunity cost

Asked by admin @ 02/10/2021 in Social Studies viewed by 372 persons

(please hurry)Which scenario is the best example of an opportunity cost? A.) A computer company issues a recall on its tablets. B.) A computer company produces fewer laptops to meet …

Assessing opportunity cost involves

Asked by maham237 @ 29/12/2020 in Computers And Technology viewed by 414 persons

Assessing opportunity cost involves... making choices and dealing with consequences. choosing consequences over rewards. reviewing past decisions and changing them. minimizing profit and loss.

What is the relationship between marginal cost and marginal product

Asked by admin @ 22/11/2021 in Advanced Placement (AP) viewed by 464 persons

Explain the relationship between the marginal product curve and the marginal cost curve.

Which cost increases continuously with the increase in production

Asked by admin @ 12/08/2021 in Business Studies viewed by 271 persons

Which cost increases continuously with the increase in production?

Implicit cost opportunity cost

Asked by maham237 @ 10/01/2021 in Business viewed by 267 persons

Implicit costs are ______. A. the same as economic costs. B. opportunity costs of self-employed resources. C. always greater than accounting costs. D. comprised entirely of actual expenses paid by …

Which of the following is an implicit cost of production

Asked by admin @ 22/11/2021 in Business viewed by 284 persons

Which of the following statements is correct? a.Opportunity costs equal explicit minus implicit costs. b.Economists consider opportunity costs to be included in a firm’s total revenues. c.Economists consider opportunity costs …

Discuss the concept of opportunity cost with an example

Asked by admin @ 17/08/2021 in Economy viewed by 331 persons

Briefly explain the concept of opportunity cost with example

Which best describes how specialized producers decrease their opportunity costs

Asked by maham237 @ 25/04/2021 in Mathematics viewed by 307 persons

O by reducing production costs O by focusing on target markets O by increasing production of certain items O by limiting the types of goods produced

All of the following are true regarding product costs except

Asked by maham237 @ 22/12/2020 in Business viewed by 422 persons

All of the following are true regarding product costs except a.product costs consist of direct labor, direct materials, and factory overhead b.product costs can be found in three accounts on …

Economic costs of production differ from accounting costs in that

Asked by admin @ 02/08/2021 in Economy viewed by 310 persons

Economic costs of production differ from accounting costs in that

Landram corporation makes a product with the following standard costs

Asked by admin @ 29/11/2021 in Business viewed by 315 persons

Milar Corporation makes a product with the following standard costs: Standard Quantity or Hours Standard Price or Rate Direct materials 7.7 pounds $ 4 per pound Direct labor 0.1 hours …

Under a job order costing system the product being manufactured

Asked by admin @ 22/11/2021 in Business viewed by 307 persons

Medusa Products uses a job-order costing system. Overhead costs are applied to jobs on the basis of machine-hours. At the beginning of the year, management estimated that the company would …