Accounting Opportunity Cost Analysis Homework Help
- July 12, 2017
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- Category: Accounting QA
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1. Cliff Lawrence owns CL Skating, an ice-skating rink that accommodates 200 people. Cliff charges $10 per hour to skate. The cost of attendants to staff CL Skating is $100 per day. Utilities and other fixed costs average $2,000 per month. Recently, the manager of an out-of-town hockey team approached Cliff concerning renting the rink for a full day of practice on an upcoming Sunday for the lump sum of $1,000. Attendants would not be needed. CL’s normal operating hours on Sunday are 10 AM to 7 PM, and the average attendance is 10 skaters per hour. What is the opportunity cost of accepting the offer?
2.Susan Ortiz operates a covered parking structure that can accommodate up to 600 cars. Susan charges $6 per hour for parking. Parking attendants cost $12 per hour each to staff the cashier’s booth at Susan’s Parking. The facility has two parking attendants who each work eight hours per day. Utilities and other fixed costs average $4,000 per month.
Recently, the manager of a nearby Sheraton Hotel approached Susan concerning the reservation of 100 spots over an upcoming weekend for a lump sum of $3,600. This particular weekend will be a football weekend, and the structure would be full for only the six hours surrounding the game. Other than those six hours, the structure would have more than 100 empty spots available. The facility would have the same number of parking attendants whether or not Susan takes the offer from the Sheraton Hotel. What is the opportunity cost of accepting the offer?
3.Explain the concept of opportunity cost and explain why accounting profits and economic profits are not the same.
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4. Describe some of the opportunity costs when you decide to do the following.
a. Attend college instead of taking a job
b. Watch a movie instead of studying for an exam
c. Ride the bus instead of driving your car
5.Liza needs to buy a textbook for the next economics class. The price at the college bookstore is $65. One online site offers it for $55 and another site, for $57. All prices include sales tax.The accompanying table indicates the typical shipping and handling charges for the textbook ordered online.
Shipping Method | Delivery Time | Charge |
Standard shipping | 3–7 days | $3.99 |
Second-day air | 2 business days | $8.98 |
Next-day air | 1 business day | $13.98 |
a. What is the opportunity cost of buying online instead of at the bookstore? Note that if you buy the book online, you must wait to get it.
b. Show the relevant choices for this student. What determines which of these options the student will choose?
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