A developing economy requires 1,000 hours of work to produce a television set and 10 hours of work to produce a bushel of corn.

Answer:

Faculty Advisor or Research Mentor

IRB Office

Explanation:

The Institutional Review Board (IRB) primarily ensures the protection of human subjects' rights and well-being in research conducted under its jurisdiction.

Obtaining IRB approval is mandatory before initiating any research.

Federal laws mandate that studies involving human participants must be reviewed by an IRB, which either approves or determines exemption of the project prior to beginning any research activities.

Answer:

1. a. $950,000.
2. $150,000.
3. a. $1,115,000.
4. d. -$15,000.
5. b. the difference between what a person currently makes and what they would earn in their best alternative.

Explanation:

1. Chris's accounting costs

The accounting cost reflects the explicit expenses of the venture. They are the usual costs;

= Parts and materials needed for restoration + Salaries of employees + His salary + Rent along with utilities

= 400,000 + 360,000 + 110,000 + 80,000

= $‭950,000‬

2. Chris's accounting profits

= Revenue - Accounting cost

= 1,100,000 - 950,000

= $150,000

3. Chris's economic cost

These consist of explicit costs plus implicit (opportunity) costs.

The opportunity cost represents the next best option which amounts to $275,000 should he have taken the position with Jay Leno as a personal auto restorer.

This means forgoing the $110,000 he makes currently.

= Accounting cost + Foregone salary - Current salary

= 950,000 + 275,000  - 110,000

= $1,115,000

4. Chris's economic profit

= 1,100,000 - 1,115,000

= -$15,000

5. b. the difference between what a person currently makes and what they would earn in their best alternative.