What are explicit and implicit costs of attending college

Reference no: EM13207116

1. Distinguish between explicit and implicit costs, giving examples of each. What are some explicit and implicit costs of attending college?

2. Why can the distinction between fixed costs and variable costs be made in the short run? Classify the following as fixed or variable costs: advertising expenditures, fuel, interest on company-issued bonds, shipping charges, payments for raw materials, real estate taxes, executive salaries, insurance premiums, wage payments, depreciation and obsolescence charges, sales taxes, and rental payments on leased office machinery. "There are no fixed costs in the long run; all costs are variable." Explain.

Reference no: EM13207116

Questions Cloud

How many years will it take to completely deplete account : Suppose that your rich uncle has $1,000,000 that he wishes to distribute to his heirs at the rate of $100,000 per year. If the $1,000,000 is deposited in a bank account that earns 6% interest per year, how many years will it take to completely dep..

Explain how that drop in price affects allocative efficiency : How does a generic drug differ from its brand name, previously patented equivalent Explain why the price of a brand name drug typically declines when an equivalent generic drug becomes available Explain how that drop in price affects allocative ef..

State environmental and health hazards : Polychlorinated biphenyls (PCBs), which were formerly used in the manufacture of electrical transformers, are environmental and health hazards. They break down very slowly in the environment. The decomposition of PCBs can be represented by the equ..

Explain required to produce aluminum by the hall-heroult : What constant current (in amperes) is required to produce aluminum by the Hall-Heroult

What are explicit and implicit costs of attending college : Why can the distinction between fixed costs and variable costs be made in the short run. Classify the following as fixed or variable costs: advertising expenditures, fuel, interest on company-issued bonds, shipping charges, payments for raw materi..

State how many grams of water are needed to make : How many grams of CaCl2 are needed to make 364.8 g of a solution that is 37.5% (m/m) calcium chloride in water? (Note that m/m has the same meaning as w/w.)

Determine what is the actual interest on the bond : A company would like to have a bond offering to raise $100M for the construction of a new plant. By the time the bond goes to market, they receive only $93M. The bond is a 10 year offering with quarterly payments. The annual percentage interest ra..

American exceptionalism : American exceptionalism (include an explanation of what exceptionalism is) and explain why this idea was so powerful to Americans at the turn of the 20th century.

State the cathode if you charge a lead storage : the cathode if you charge a lead storage battery for 1.85 h with a constant current of 13.4 A?

User Account

All Pages