Brian lives in Philadelphia and runs a business that sells boats. In an average year, he receives $722,000 from selling boats. Of this sales revenue, he must pay the manufacturer a wholesale cost of $422,000; he also pays wages and utility bills totaling $268,000. He owns his showroom; if he chooses to rent it out, he will receive $2,000 in rent per year. Assume that the value of this showroom does not depreciate over the year. Also, if Brian does not operate this boat business, he can work as a paralegal and receive an annual salary of $21,000 with no additional monetary costs. No other costs are incurred in running this boat business.

Identify each of Brian's costs in the following table as either an implicit cost or an explicit cost of selling boats.

(a) The rental income Brian could receive if he chose to rent out his showroom
(b) The wages and utility bills that Brian pays
(c) The salary Brian could earn if he worked as a paralegal
(d) The wholesale cost for the boats that Brian pays the manufacturer

a) The rental income Brian could receive if he chose to rent out his showroom  - implicit cost

(b) The wages and utility bills that Brian pays  - explicit cost

(c) The salary Brian could earn if he worked as a paralegal  - implicit cost

(d) The wholesale cost for the boats that Brian pays the manufacturer - explicit cost

Explanation:

Explicit Costs are easy to identify, they are recorded in the financial statements, and are known as accounting costs. It is clearly an outflow of money from a business. Examples are the cost of buying inventory or paying contractors.

Implicit Costs can be the opportunity cost of running a business. In the above question, the salary Brian loses because he is not working as a paralegal is an opportunity cost. So is the rental income Brian could receive if he chose to rent out his showroom

. They are both implicit costs.

Implicit Costs cannot be recorded as accounting costs. Other examples of implicit costs are expenses made in the past such as the cost of Brian's showroom.

sound is invisible, but sometimes we can feel it. when a kettle-drum is thumped with a stick that time the tight drum skin moving up and down very quickly for some time and then it pumped sound waves into the air. loudspeakers also work in a similar manner.

components of a speaker:

electromagnet

in order to translate an electrical signal into an audible sound, an electromagnet is used in looudspeakers

  suspension

suspension is used to   center the voice coil in the gap of the magnet and it exerts a restoring force to keep it there. suspension is used to limits the maximum mechanical excursion of the diaphragm and voice coil.

voice coil

voice coil is a coil of wire which is attached to the apex of a loudspeaker cone. it provides the motive force to the cone by the reaction of a magnetic field to the current passing through it.

cone

in a   loudspeaker, a   thin, semi-rigid membrane attached to the voice coil, which moves in a magnetic gap due to which it vibrates   and produced sound. it is known as diaphragm and it can also be called a cone, though not all speaker diaphragms are cone-shaped.

surround

surround is also known as front suspension. surround is used to join the cone to the chassis. together with the suspension it controls the cone excursion, and it is also used to   determine how energy which is   travelling through the cone is absorbed, and how the speaker limits when it reaches the ends of its travel.

dustcap

dustcap is used to protect the voice coil from dust and dirt. it is a part of the cone.

how speaker work

the outer part of the cone is fastened to the outer part of the loudspeaker's circular metal rim. the inner part is fixed to   voice coil that sits just in front of a permanent magnet . when loudspeaker is hooked up to a stereo, electrical signals feed through the speaker cables into the coil. it will convert the coil into an electromagnet magnet . when electricity flows back and forth in the cables, the electromagnet either repels or attract the permanent magnet. this moves the coil back and forth, and it pull and push the loudspeaker cone. like a drum skin vibrating back and forth, the moving cone pumps sounds out into the air.in this way loudspeakers works.

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