How to use concepts of accounting costs and economic costs

Assignment Help Macroeconomics

Reference no: EM13223336

Master Card has a series of cute commercials that list a series of accounting items and costs leading to a priceless product. Cell phones are often advertised as being free. In economics, it is said that nothing of value is either free or priceless, everything has a price. Take something from your experience, that is allegedly free or priceless and use the concepts of accounting costs, economic costs, explicit costs, implicit costs, opportunity costs and sunk costs to explain why it is neither priceless nor free.

Reference no: EM13223336

Questions Cloud

Find the new total inventory cost : The manufacturer offers the following purchasing options: Units Price 0-99 1,000 100-299 950 300-499 900 500-999 850 1000+ 800 a. Find the order quantity that minimizes total cost. b. Find the new total inventory cost (include safety stock). c. Fi..

Explain an acid-base titration : Orange juice is an aqueous solution that derives much of it's acidity from citric acid. There are variations in the acidity of each brand depending on many factors. Use the data below from an acid-base titration

Calculate the price elasticity of demand for roses : The deamnd for rosebushes in a market is as follows Price (Per rosebush)-- $10, $11, $12, $13 Quanity Demanded (rosebushes per week)-- 230, 150, 90, 40 a.) Calculate the price elasticity of demand for roses for a price increase from $10 to $11.

Explain steam at degrees celsius : How much heat (in kJ) is needed to convert 866 g of ice at -15 degress celsius to steam at 146 degrees Celsius? (The specific heats of ice and steam are 2.03 and 1.99 J/g x C respectively)

How to use concepts of accounting costs and economic costs : Master Card has a series of cute commercials that list a series of accounting items and costs leading to a priceless product. Cell phones are often advertised as being free. In economics, it is said that nothing of value is either free or priceles..

Explain hydrobromic acid : Calculate the pH at the equivalence point in titrating 0.120 solutions of each of the following with 8.0×10-2. hydrobromic acid

Develop marketing strategy : What value are you creating with this product and which of Michael Porter's basic strategies, covered in this week's lectures, will you use to market this product?

Describe gretas short-run production function : Greta starts an internet-based grocery delivery service. His employees must perform one of three activities: Administrative work: Exactly 2 workers are necessary to perform the administrative work for the business to operate. The administrative wo..

Executive summary with key findings and recommendations : Executive Summary with key findings and recommendations and clear and concise description of the market in which the organization operates

User Account

All Pages