Exam (elaborations)
ECS1501 Assignment 10 2024 | Due 21 October 2024
- Course
- Institution
ECS1501 Assignment 10 Semester 2 October 2024
[Show more]
5 reviews
By: robzerom • 3 weeks ago
By: naymahlangu • 3 weeks ago
By: katemabuza10 • 3 weeks ago
Non of the questions came out i wasted my money
By: tumelothamaga744 • 3 weeks ago
By: hitekaniwhiter • 3 weeks ago
Seller
Follow
MiMemo
Reviews received
Content preview
2024 ECS1501-24-Y Assessments Assessment 10Opened: Friday, 18 October 2024, 8:00 AM I confirm
Closes: Monday, 21 October 2024, 9:00 PM
Started on Sunday, 20 October
2024, 7:51 AM
State Finished
Completed on Sunday, 20 October
2024, 8:13 AM
Time taken 29 mins 17 secs
Marks 10.00/11.00
Grade 99.41 out of 100.00
Question 1
Complete
Not graded
@ 1confirm.
O I do not confirm.
Queston 2
Complete
Mark 1.00 out of 1.00
What will happen if a shoe firm sells its shoes at a price lower than the opportunity cost of the inputs used in the production process?
C The firm will possibly make an economic profit and an accounting loss.
@ The firm will possibly make an accounting profit but will make an economic loss.
C The firm will make both accounting and economic profits.
C The firm will make both accounting and economic losses.
Let's use some numbers to understand this point.
Economic profit= TR -TC = TR- (EXPLICIT COST+ IMPLICIT COST (OPPORTUNITY COST)]
Accounting profit= TR-TC = TR- (EXPLICIT COST)
If for example the TR= R100 (price is R10 and quantity sold is 10 units), EXPLICIT COST= RS0 AND IMPLICIT COST= R80
Then the economic profit/loss = 100 - (50 + 80) = -30
The accounting profit/loss is = 100- (50) = SO
Thus it is possible to make an accounting profit but the firm WILL make an economic loss.
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller MiMemo. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $2.82. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
81989 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now