How do explicit and implicit costs differ?
Question:
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 60% (10 reviews)
Explicit costs are stated clearly in terms of money and ...View the full answer
Answered By
OTIENO OBADO
I have a vast experience in teaching, mentoring and tutoring. I handle student concerns diligently and my academic background is undeniably aesthetic
4.30+
3+ Reviews
10+ Question Solved
Related Book For
Question Posted:
Students also viewed these Economics questions
-
You have a part-time work/study job at the library that pays $10 per hour, 3 hours per day on Saturdays and Sundays. Some friends want you to join them on a weekend ski trip leaving Friday night and...
-
Distinguish between explicit and implicit costs, giving examples of each. What are some explicit and implicit costs of attending college? Why does the economist classify normal profit as a cost? Is...
-
The proof of the Coase theorem requires that firms recognize both the explicit and implicit costs of their decision. Explain a situation where a firm's failure to curtail pollution may cause it to...
-
1. Suppose a company produces a product that sells for $55, has a variable cost per unit of $35, and has fixed costs of $100,000. How many units must the company sell to earn a target profit of...
-
Compounds A and B are carboxylic acids. Identify each one on the basis of its 1H NMR spectrum. (a) Compound A (C3H5ClO2) (Figure 19.10). (b) Compound B (C9H9NO4) has a nitro group attached to an...
-
Delta Corporation purchased three assets during 2013: a new automobile costing $60,000, used office furniture costing $600,000, and a warehouse costing $850,000 (of which $100,000 is for the land)....
-
\(\left(\frac{a}{6} ight)^{11}\) Simplify the expression.
-
Since Jack believes that Work Center 3 is his bottleneck, he has asked you to do the following: (a) Calculate the percentage of planned output needed to complete the planned inputs (planned input +...
-
On 1 July 2020, Alpha Company leased a vehicle from Beta Company. The vehicle cost Beta $38,289.40 considered to be its fair value on that same day. However, the PV of the lease payment by Alpha Ltd...
-
Conduct research on Google/Alphabet to learn more about its products and services. Some say the time has come for Google to create a new mission statement. Do you agree? Explain.
-
Define opportunity cost and give an example of such a cost in reference to the use of a productive resource.
-
Why does the average variable cost decrease, reach a minimum, and then rise again, whereas the average fixed cost continues to decrease as output increases?
-
Describe a situation where it would be appropriate to use each of the six leadership styles described by Daniel Goleman.
-
Revenues 500,000 Total Expenses 400,000 Net income 100,000 Holdings Limited are considering investing in $200,000 to open a new store and expand operations. Below are last years financial figures....
-
Ambrosia Bakery makes cakes for freezing and subsequent sale. The bakery which operates five days a week, 52 weeks a year can produce cakes at the rate of 116 cakes per day. The bakery sets up the...
-
Explain the following terms: chemotherapeutic agent spectrum of activity broad spectrum antibiotic disinfectant superinfection antimicrobial testing MRSA semi-synthetic antibiotic use dilution test...
-
Consider the following information: State Probability ABC, Inc . Boom 0.25 0.15 Normal 0.50 0.08 Slowdown 0.15 0.04 Recession 0.10 -0.03 What is the expected return? What is the variance? What is the...
-
On July 1st, 2024, the ABC Corporation, a manufacturer and distributor of DVD recorders, entered a lease with XYZ Rental Inc. ABC agreed to lease 20 DVDs for a period of six years beginning July 1st,...
-
In what ways is the greenhouse effect both beneficial and detrimental?
-
Show that the block upper triangular matrix A in Example 5 is invertible if and only if both A 11 and A 22 are invertible. Data from in Example 5 EXAMPLE 5 A matrix of the form A = [ A11 A12 0 A22 is...
-
For each of the transactions listed in Test Yourself Question 3, what will be the ultimate effect on the money supply if the required reserve ratio is one-eighth (12.5 percent)? Assume that the...
-
Why does a modern industrial economy need a central bank?
-
Explain why the quantity of bank reserves supplied normally is higher and the quantity of bank reserves demanded normally is lower at higher interest rates.
-
f If (t) = {2 (2,0
-
The spread of tobacco farming in seventeenth-century Virginia O a. helped to create a highly unequal society, dominated economically and politically by an elite plantation-owning class. O b....
-
Which one of the following statements accurately characterizes the British approach to governing the American colonies prior to 1763? O a. The British only occasionally intervened in the internal...
Study smarter with the SolutionInn App