The Wages of Employees of a Small Accounting Firm Are

question 11

Multiple Choice

The wages of employees of a small accounting firm are as follows: } \\\$ 20000 , \$ 15000 , \$ 15000 , \$ 25000 , \$ 30000 , \$ 30000 , \$ 35000 , \$ 50000 , \$ 60000 , \$ 18000 \text {, } \\\$ 18000 , \$ 16000 , \$ 14000\end{array}">$\begin{array} { l } \text { cellpadding="0" cellspacing="0" width } = " 97 \% " \text { border="1"> } \\\$ 20000 , \$ 15000 , \$ 15000 , \$ 25000 , \$ 30000 , \$ 30000 , \$ 35000 , \$ 50000 , \$ 60000 , \$ 18000 \text {, } \\\$ 18000 , \$ 16000 , \$ 14000\end{array}$ Find the frequency distribution for the following groupings of the salaries: $1-$20,000 $20,001-$30,000 $30,001-$40,000 $40,001-$50,000 Over $50,000. Select the correct answer.

• A) $1-$20,000: 7 $20,001-$30,000: 3
• $30,001-$40,000: 1
• $40,001-$50,000: 2
• Over $50,000: 0
• B) $1-$20,000: 7 $20,001-$30,000: 3
• $30,001-$40,000: 1
• $40,001-$50,000: 1
• Over $50,000: 1
• C) $1-$20,000: 6 $20,001-$30,000: 3
• $30,001-$40,000: 1
• $40,001-$50,000: 2
• Over $50,000: 1
• D) $1-$20,000: 7 $20,001-$30,000: 3
• $30,001-$40,000: 1
• $40,001-$50,000: 2
• Over $50,000: 1
• E) $1-$20,000: 8 $20,001-$30,000: 2
• $30,001-$40,000: 1
• $40,001-$50,000: 1
• Over $50,000: 1

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Definitions:

Economic Profit

Economic profit is the profit from producing goods and services while factoring in the full costs of its resources, including opportunity costs.

Average Total Cost

The total cost divided by the quantity produced, reflecting the per unit cost of production.

Average Variable Cost

The variable cost per unit of output, which includes costs that vary with production, such as materials and labor.

Economic Profit

The net outcome of subtracting all expenses, both overt and hidden, from a corporation's aggregate earnings.