"Which Of The Following Best Defines The Concept Of A Relevant Cost" Essays and Research Papers

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Which Of The Following Best Defines The Concept Of A Relevant Cost

Discussion Section Principles of Microeconomics Suggested Answers for Problem Set #1 Professor Scholz 1) Portray the following hypothetical data on a two-variable diagram: Enrollment Data: Nowhere U Academic Year 2000-01 2001-02 2002-03 2003-04 2004-05 Total Enrollment 3000 3100 3200 3300 3400 Enrollment in Economics Courses 300 325 350 375 400 Measure the slope of the resulting line, give an algebraic representation of the line, and explain what the slope means. Answer: Find the slope of...

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Costs: Relevant, Differential, Avoidable

1. The cost of a computer system installed last year is an example of: (Points: 2)         a sunk cost         a relevant cost         a differential cost         an avoidable cost 2. In evaluating different alternatives, it is useful to concentrate on: (Points: 2)         variable costs         fixed costs         total costs         relevant costs 3. Relevant costs in a make-or-buy decision of a part include: (Points: 2)         setup overhead costs for the manufacture of the...

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Service concept

the following service management ideas, theories, concepts and techniques; specifically with reference to their purpose, application and limitations and with regard to how these service management ideas, theories and techniques may contribute to the development of a successful business: Service concept, Service concept profiling and The SERVQUAL model. Service concept purpose, The service concept has been defined variously throughout the years, Haskett (1986), defines it as the way in which the “organisation...

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  TYPES OF COSTS Introduction :-Production is the result of services rendered by various factors of production.The producer or firm has to make payments for this factor services. From the point of view of the factor inputs it is called ‘factor income’ while for the firm it is ‘factor  payment’, or cost of inputs.Generally, the term cost of production refers to the ‘money expenses’ incurredin the production of a commodity. But money expenses are not the only expensesincurred on the production...

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Cost Classification

Cost Classifications for Decision-Making. Every decision involves choosing from among at least two alternatives. Only those costs and benefits that differ between alternatives are relevant in making the selection. This concept is explored in greater detail in the chapter on relevant costs. However, decision-making contexts crop up from time to time in the text before that chapter, so it is a good idea to familiarize students with relevant cost concepts. 1. Differential Costs. A differential cost...

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Explicit Costs And Implicit Costs Concepts

Q1: explicit costs and implicit costs concepts Explicit Cost Explicit cost is defined as the direct payment which is supposed to be made to others while running business. This includes the wages, rents or materials which are due in the contract. The explicit cost is the expense done in business which can easily be identified and accounted for in the business at any stage. The explicit cost represents the out flows of cash in clear and obvious terms. When any out flow of credit occurs in a business...

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Define marketing concept

understand their needs and problems. In the past, the Traditional Marketing Concept was achieved their profit and other objectives by satisfying customers but it neglects the competition. But now, the Modern Marketing Concept it achieve the corporate goals through meeting and exceeding customer needs and expectations better than the competition. And this is implemented by The Key Components of the Marketing Concept which are: 1. Customer Orientation- corporate activities are focused upon providing...

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P1: Explain how an organisation can cost a product and determine its price at any activity level.

choice: 1. Clearly explain the main cost elements and the nature of those costsdefine and give relevant examples of variable, fixed, semi-variable, direct and indirect costs 2. Suggest the weekly production level and a breakdown of costs for one product from your chosen business. Then calculate the marginal and absorption costs per unit. 3. Describe at least 2 methods of setting the price, including cost-plus pricing. Then suggest which method is best suited to your chosen business’ product...

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Cost of Capital

Cost of Capital Definition: cost of capital is the rate of return that a company must earn on its project investments to maintain its market value and attract funds. The cost of capital to a company is the minimum rate of return that is must earn on its investments in order to satisfy the various categories of investors, who have made investments in the form of shares , debentures and loans. The cost of capital in operational terms refers to the discount rate that would be used in determining the...

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Historical Cost and Fair Value

historical cost accounting approach and the fair value accounting approach. The discussion will focus on the debate on using which accounting approach. We begin by stating the definitions of both concepts and discussing them thoroughly, then we state the main advantages of the two approaches followed by comparison between them. The last section of this paper discusses the disadvantages of each approach, including the main criticism points against them. In the end, we draw a conclusion on the best approach...

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