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For Retail Price question....If Retail price is 12,995. Markup % is 12. what was the wholesale price?
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∙ 15y ago
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What do you understand by the term opportunity cost?
Opportunity cost is what you give up in order to get something else. Paying money is the opportunity cost for ice cream for example.
Opportunity cost curve?
Look up Production Possibility Frontier, it is the same thing as a Opportunity Cost Curve.
What you give up to obtain an item is called your?
Opportunity cost
How does opportunity cost vary?
Opportunity costs vary because people's desires for different objects vary. When a person gives up something that they want for something else that they want they have created an opportunity cost.
A mark up of 25 percent on cost is equivalent to what mark up on selling price?
20
Is mark up based on selling price or cost?
Mark up is how much money that the store thinks it can make by selling the product. It is the difference between cost and selling price.
What was its opportunity cost?
The cost of passing up the next best choice when making a decision. For example, if an asset such as capital is used for one purpose, the opportunity cost is the value of the next best purpose the asset could have been used for. Opportunity cost analysis is an important part of a company's decision-making processes, but is not treated as an actual cost in any financial statement.
Why is opportunity cost important?
The cost of passing up the next best choice when making a decision. For example, if an asset such as capital is used for one purpose, the opportunity cost is the value of the next best purpose the asset could have been used for. Opportunity cost analysis is an important part of a company's decision-making processes, but is not treated as an actual cost in any financial statement.
If choosing something means you give up something else what is the economic term for this?
The economic term for the cost of a choice is the opportunity cost.
Which explanes the term opportunity cost?
the value of what a person or economy gives up to get something else
Is Mark-up based on selling price?
Mark-up is setting your selling price a certain % higher than your production cost. So, it's probably more accurate to say that it is based on production cost. For instance, a 10% mark-up would establish a selling price that is 10% higher than your cost of production.
Define opportunity cost and explain its relationship to comparative advantage?
Opportunity costs is the highest valued alternative that must be given up to engage in an activity. Comparative advantage is the ability of an individual, a firm, or an country to produce a good or service at a lower opportunity cost than competitors.
