Darryl Runs a Ranch in Jackson,Wyoming

question 7

Multiple Choice

Darryl runs a ranch in Jackson,Wyoming.The interest on the debt he incurred to buy his ranch totals $3,000 per year.For Darryl,the interest is

• A) an implicit cost.
• B) an explicit cost.
• C) his normal cost.
• D) his normal profit.
• E) part of his economic profit.

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Definitions:

PDLC

Product Development Life Cycle: The process of bringing a new product from concept through to market launch, involving stages such as ideation, design, development, and testing.

Debugging

The process of running a program over and over to find and repair errors and to make sure the program behaves in the way it should.

Algorithm Development

The process of creating a step-by-step procedure or formula for solving a problem, often used in programming and mathematics.

Development Tool

Software or applications that provide programmers and developers the necessary environment to create, test, and debug their code.