Mr. Jernigan's accounting costs from farming corn on his own land would include all explicit expenses, while his economic costs would also incorporate the opportunity cost of not choosing the next most profitable alternative, such as renting out the land or growing a different crop.
Accounting and Economic Costs of Farming
If Mr. Jernigan refuses to rent the land to another farmer and decides to farm corn on it himself, his accounting costs will include all explicit costs such as seeds, fertilizers, machinery, labor, and any other out-of-pocket expenses incurred in the process of farming. These are the costs that would typically be recorded in financial statements and accounting records.
However, his economic costs take into account both explicit and implicit costs. Implicit costs include the opportunity cost of not renting out the land or using it for the next best alternative purpose. If, for example, Mr. Jernigan could earn a certain amount by renting out the land or using it for another crop that is more profitable than farming corn, this forgone income represents an economic cost. It is the cost of the foregone opportunity, which is not recorded in accounting statements but is very real when measuring the true profitability of his decision to farm corn.
Starr is an agent of a disclosed principal, maple. on may 1, starr entered into an agreement with king corp. on behalf of maple that exceeded starr's authority as maple's agent. on may 5, king learned of starr's lack of authority and immediately notified maple and starr that it was withdrawing from the may 1 agreement. on may 7, maple ratified the may 1 agreement in its entirety. if king refuses to honor the agreement and maple brings an action for breach of contract, maple will
What is the definition of Micro vs. Macro?
In biology, 'micro' and 'macro' refer to different levels of biological organization, specifically focusing on microorganisms and larger organisms, respectively.
Explanation:The terms 'micro' and 'macro' can be used in various subjects, and their meanings differ depending on the context. In biology, 'micro' and 'macro' are often used to describe levels of biological organization. Microbiology focuses on the study of microorganisms, such as bacteria and viruses. On the other hand, macrobiology deals with larger organisms, including plants, animals, and humans.
Importance of Microorganisms:
Microorganisms play crucial roles in various ecological processes, including nutrient cycling, decomposition, and symbiotic relationships with macroorganisms. They also have significant applications in fields like medicine, agriculture, and biotechnology.
Holistic Understanding:
To gain a comprehensive understanding of ecosystems and biological systems, scientists often need to integrate knowledge across micro and macro scales, recognizing the interdependence and interactions between different levels of biological organization.
Understanding the distinctions between micro and macro levels of biological organization is fundamental in biology, as it enables scientists to appreciate the diversity of life and the intricate relationships that exist within ecosystems.
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Discuss several issues that influence the organization of logistics activities within a firm.
Location-based social networking apps such as foursquare reward customers for
Increasing your 401k deduction will _____ your take home pay and ____ your federal taxes in the current year
Mary is an authorized user on her parents' credit card. What may happen if Mary doesn't use the card in a responsible way?
The answer is: Mary and Mary's parents' credit may be damaged
Even though Mary is an authorized user of the card, the credit history from the credit card that Mary use is still tied to her parent's name.
This mean that if Mary do fiscally irresponsible behavior such as maxing out the credit cards, or keep losing it, her parents' credit score would plummet and it would be hard for them to obtain loans in the future.
The taxpayer's marginal tax bracket is 25%. which would the taxpayer prefer?
Analyzing the behavior of the firm enhances our understanding of
a. what decisions lie behind the market supply curve.
b. how financial institutions set interest rates.
c. whether resources are allocated fairly.
d. how consumers allocate their income to purchase scarce resources.
You are the head of the federal agency ultimately responsible for deciding if exon-skipping drugs are approved for use. who do you work for?
On may 1, vaya corp. had a beginning cash balance of $320. vaya's sales for april were $330 and may sales were $450. during may, the firm had cash expenses of $175 and made payments on accounts payable of $260. vaya's accounts receivable period is 30 days. what is the firm's beginning cash balance on june 1?
The polluter-pays principle places moral responsibility on corporations for what?
For their past pollution, is what the polluter-pays principle places moral responsibility on corporations. The polluter needs to pay principle places moral responsibility on corporation because they need to increase the result of their past pollution not to be worse. So the answer in this question is for their past pollution.
1. _______ refers to care of a child in someone else's home. A. Nursery school B. Family child care C. In-home care D. Home child care
The correct answer is B. Family child care
The university system of georgia's cio believes the best way to collaborate with 31 independent-minded university cio's is to look for scenarios where three to five universities are planning to purchase the same product and therefore can consolidate their buying or centralize their service. one specific example of how the cio utilized this strategy to resolve a problem was to develop a centralized system for _________.
(2 pts) "a study of norway's railways revealed that, for rides up to 60 km, the price elasticity of the volume of passenger demand was approximately −0.4. estimate the percent change in demand when the fare is increased by 10%"
The price elasticity of demand is actually the ratio of change in quantity demanded over the change in price, so it is mathematically written as:
PED = % change in demand / % change in price
Therefore calculating for % change in demand:
- 0.4 = % change in demand / 10%
% change in demand = - 4%
So there is a 4 percent decrease.
Final answer:
The demand for rides up to 60 km on Norway's railways is estimated to decrease by 4% when the fare is increased by 10%, based on the price elasticity of demand of -0.4.
Explanation:
The question relates to the concept of price elasticity of demand, which is a measure used in economics to show the responsiveness, or elasticity, of the quantity demanded of a good or service to a change in its price. The price elasticity of demand is approximately −0.4 for rides up to 60 km on Norway's railways. If the fare is increased by 10%, we can estimate the percent change in demand by multiplying the price elasticity of demand by the percentage change in price.
To calculate the expected percent change in demand if the fare is increased by 10%, use the following formula:
Percent change in demand = Price Elasticity of Demand × Percentage change in price
Percent change in demand = −0.4 × 10%
Percent change in demand = −4%
Thus, the demand is estimated to decrease by 4% when the fare is increased by 10%.
Katya is developing a business message about a green initiative that her company is hoping to launch. in the process of creating the business message, she studies the background of the employees and considers their needs and priorities. this action belongs to which step of the aim planning process?
Katya is in the 'Audience Analysis' step of the AIM planning process for business messages, where audience needs and values are considered to ensure message resonance.
Explanation:In the AIM planning process for generating effective business messages, Katya is operating within the 'A' step, which stands for Audience Analysis. This step involves understanding your recipients' needs, values, and potential feedback to the message. By studying the background of her employees and considering their needs and priorities, she's ensuring her message regarding a green initiative resonates with them. The other steps in the AIM Planning Process include 'I' for Idea Development and 'M' for Message Structuring.
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To obtain maximum benefit from a bank reconciliation, the reconciliation should be prepared by the employee authorized to sign checks. true false
How sustainable is any competitive advantage for rice epicurean? for mywebgrocer?
Janet, a manager at hollyoak systems, is known for her passionate and people-friendly ways. janet knows all her employees well and trusts them to do the right thing for the company. any new project starts with an initial briefing from her, after which the teams are given complete freedom to determine the tasks and timeline for that project. from time to time, janet gives the teams feedback about the progress of their projects. in this scenario, janet can be regarded as a(n):
Janet can be regarded as a free-rein leader because she gives the flexibility to her team to take decisions and make plans by themselves.
Further Explanation:
Leader: A leader is a member of the group who guides or motivates the other team-members towards the accomplishment of the goals. Various leadership styles are adopted by the leader to influence the people. The Leadership styles are:
• Democratic Leadership: In this type of leadership style, the leader decides against taking inputs from the team member.
• Autocratic Leadership: In this type of leadership style, the leader decides against taking inputs from the team member.
• Laissez-Faire: Leadership: In this type of leadership, the team member can make their own decisions, and the leader only gives them feedback.
• Transformational Leadership: In this type of leadership, the leader focus improvement of the team members' performance.
• Transactional Leadership: In this type of leadership, the leader rewards their employees only for the work they do.
Therefore, Janet is a free-ringleader as she practices the laissez-faire of leadership.
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Answer details:
Grade: Senior School
Subject: Business Studies
Chapter: Leadership
Keywords: Janet, a manager, at, Hollyoaks, systems, passionate, and, people-friendly, ways, employees, trusts, initial briefing, teams, complete, freedom to determine the tasks,project,from feedback, progress, scenario.
In reviewing the accounting records of the transportation services fund, an internal service fund of douglas city, you notice that the fund uses budgetary accounts. this is most likely because
The reason why the fund uses the budgetary accounts because it is most likely needed that the funding budget to be approved legally by the city council in order for the budget funds to be used by the members or people responsible of handling the budgets.
When the fed increases the money supply short-term interest rates tend to decline?
A good way to prevent encoding failure is to actively think about the information to be learned, a process known as
According to skinner, __________ strengthens a behavior by making the avoidance of an undesirable consequence contingent on its occurrence.
You place half your wealth into tivo stock and the other half into intel bonds. tivo stock's beta = 1.2 and intel bonds' beta is 0.90. calculate the portfolio beta
Weight to wealth in the tivo stock = w1 = 0.5
Weight to wealth in intel bonds = w2 = 0.5
Tivo stock beta (beta1) = 1.2
Intel bond beta (beta2) = 0.90
Portfolio (beta) = w1beta1 + w2beta2 = 0.5 x 1.2 + 0.5 x 0.9
The answer is 1.05
Matt recently deposited $20,000 in a savings account paying a guaranteed interest rate of 4 percent for the next 10 years. (do not round intermediate calculations. round your answers to the nearest whole dollar amount.)required:if matt expects his marginal tax rate to be 20 percent for the next 10 years, how much interest will he earn after-tax for the first year of his investment
Chloe advertises on the radio that she is selling a car guaranteed to get thirty-five miles per gallon. chloe knows that the car will not do what she claims it will. chloe may be successfully prosecuted:
James is a software engineer at hp and has a substantial background in microprocessors. although james is not a manager, he is heading a team that includes managers from different departments. this is an example of __________ power.
The answer is expert power. James were given to be the head of the team even if he is not a manager because an expert power is which an individual is likely to be given position or praise because of a person’s capabilities in a certain field in which James has a substantial background in terms of microprocessors.
During the current year, the total assets of mifflinburg corporation decreased by $60,000 and total liabilities decreased by $300,000. the company issued $100,000 of new stock, and its net income for the year was $250,000. no other changes to stockholders' equity occurred during the year.determine the dollar amount of dividends declared by the company during the year.
The dollar amount of the dividend declared via the company is $10,000.
The calculation of the dividend declared amount is as follows:
= Increase in equity + increase in retained earnings - decrease in liabilities - Net increase in assets
= $100,000 + $250,000 - $300,000 - ($100,00 - $60,000)
= $100,000 + $250,000 - $300,000 - $40,000
= $50,000 - $40,000
= $10,000
Therefore we can conclude that the dollar amount of the dividend declared via the company is $10,000.
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In a free recall task, an individual is asked _____. to recall as much information as possible about a particular topic in any order to recall a series of items or numbers in a particular order to recall pairs of items that had been previously memorized to select the correct answer from a range of alternatives to reproduce information that has been previously committed to memory
When a case is appealed, the court of appeals decides the case solely based upon?
How did whirlpool use capabilities of text analytics to better understand their customers and improve product offerings?
Whirpool use the competences to enhanced their understanding of their customers and develop product offerings by as we know that Whirpool Corporation takes a cooperative approach to social media networks, with the Digital Marketing, Public Relations, and Customer Care teams all concerted effort to make available a reliable and trustworthy brand voice to its customers.