Why are costs important in economics? Why don't economists use the same cost data as accountants use?

Question:

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For book-img-for-question

Cornerstones of Managerial Accounting

ISBN: 978-0324660135

3rd Edition

Authors: Mowen, Hansen, Heitger

See More Books

Question Posted: Sep 21, 2024 05:13 AM

See More Questions

Private carriage is more important in the motor carrier segment of our transportation industry than any of the other four major modal segments. What factors have contributed to private carriage...
What is informatics? Give a few examples.
A series RLC circuit in which R = 1.00 , L = 1.00 mH, and C = 1.00 nF is connected to an AC source delivering 1.00 V (rms). Make a precise graph of the power delivered to the circuit as a function of...
Why are costs important in economics? Why don't economists use the same cost data as accountants use?
Evaluate the market timing and security selection abilities of four managers whose performances are plotted in the accompanyingdiagrams. P-rf M If Mf -r, Mf M-rf
A comparative balance sheet and income statement is shown for Cruz, Incorporated CRUZ, INCORPORATED Comparative Balance Sheets At December 31 Assets Cash Accounts receivable, net Inventory Prepaid...
How does the pricing of medical care in the United States affect the quantity consumed?
Why does the short-run marginal-cost curve eventually increase for the typical firm?
Given a H 2 O molecule, how many additional H 2 O molecules can attach directly to the given water molecule by hydrogen bonds?
Inventory Microbucks Computer Company makes two computers, the Pomegranate II and the Pomegranate Classic, at two different factories. The Pom II requires 2 processor chips, 16 memory chips, and 20...
Calculate the Critical Ratios (CR): (Enter all responses rounded to two decimal places.) Job CR 1 The following jobs are waiting to be processed at Jeremy LaMontagne's machine center. Today is day...
Employees at a large manufacturer are surprised to find that cameras have been installed throughout the plant and all email communications are being monitored. Many are concerned about privacy and...
Compute Wynn Memorial Nursing Home's days in accounts receivable. Compute Wynn Memorial Nursing Home's average payment period. Balance Sheet for Wynn Memorial Nursing Home Wynn Memorial Nursing Home...
10. Three polarizing disks have planes that are parallel and centered on a common axis. The direction of the transmission axis (dashed line) in each case is shown relative to the common vertical...
A pan balance is made up of a rigid, massless rod with a hanging pan attached at each end. The rod is supported at and frees to rotate about a point not at its center. It is balanced by unequal...
Chloroplasts are illuminated until the levels of the Calvin cycle intermediates reach a steady state. The light is then turned off. How does the level of RuBP vary after this point?
Uncle Elmo is contemplating a $10,000 investment in a methane gas generator. He estimates his gross income would be $2000 the first year and increase by $200 each year over the next 10years. His...
Granny's Butter and Egg Business is such that she pays an effective tax rate of 40%. Granny is considering the purchase of a new Throb Churn for $25,000. This churn is a special handling device for...
Eric Heiden has a house and lot for sale for $70,000. It is estimated that $10,000 is the value of the land and $60,000 is the value of the house. Bonnie Blair is purchasing the house on January 1 to...
2) If the company's net income is $200.000 and operating income is $250.000, what is the tax ratio with the assumption that there are no other incomes and expenses? 3) Which of below is not a...
Vijay Company reports the following information regarding its production costs. Direct materials Direct labor $ 10.90 per unit $ 20.90 per unit Overhead costs for the year $ 10.90 per unit Fixed...
Silver Company makes a product that is very popular as a Mother's Day gift. Thus, peak sales occur in May of each year, as shown in the company's sales budget for the second quarter given below:...

Why are costs important in economics? Why don't economists use the same cost data as accountants use?

Question:

Step by Step Answer:

Costs are important in economics in determining the allocation ofresources based on what firms are w...View the full answer

Cornerstones of Managerial Accounting

Students also viewed these Managerial Accounting questions