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: 61% (13 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...
-
Modify your code from the previous exercise to produce the pattern shown in Figure 3G.30 . The DrawingPanel is the same except that now each figure has a different size. The left figure has its...
-
Costing profit and loss account and financial profit and loss account are the same.
-
Saratoga Ltd. was having difculty in raising nance for expansion. Kingsh Ltd. was interested in achieving economies by marketing a wider range of products. The following shows the nancial positions...
-
SHERIDAN CORPORATION Condensed Income Statements Increase or (Decrease) During 2022 Amount Percentage 2022 2021 Net sales $729,000 $600,000 $ 96 Cost of goods sold 568,620 495,520 96 Gross profit...
-
The CDG Carlos, Dan, and Gail Partnership has decided to liquidate as of December 1, 20X6. A balance sheet on the date follows: Additional Information 1. Each partners personal assets (excluding...
-
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?
-
Which of the following DML operations cant be performed on a view containing a group function? a. INSERT b. UPDATE c. DELETE d. All of the above can be performed on a view containing a group...
-
In this scenario you are the Manager of a Home and Community Care organization in Victoria. Your organization provides oversees support services for individuals in their homes. The individuals that...
-
find the wind speed and direction for the following parcels. Important note: To determine the arc tangent using the Google calculator, click the box marked "Inv" so that it is a light gray instead of...
-
As consumers we're connected to an instant feed or live updates, breaking news, and messages. We believe that when we post something on social media, we will get instant feedback from friends. What...
-
Describe the process for screening candidates for ethics. Outline which job candidate factors are illegal to consider when hiring. Explain how to obtain accurate behavior information from resumes,...
-
In relation to Operation management, sustainability and supply chain management explain the following terms; What is the overall objective of scheduling? What is JIT? What is a Lean producer? Discuss...
-
In Exercises 24, find each indicated sum. 5 (2 + 10) i=1
-
Do the three planes x + 2x + x 3 = 4, X X 3 = 1, and x + 3x = 0 have at least one common point of intersection? Explain.
-
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.
-
Show that the convexity for a zero coupon bond with m payments per year is (m) n(n + -)(1+ m m
-
Abdul Canarte , a Central Bank economist, noticed that the total group purchasing basket of goods (CPI) has gone from $149,740.00 to $344,460.00 in 8 years. With monthly compounding, what is the...
-
ABC Corporation expects sales next year to be $50,000,000. Inventory and accounts receivable (combined) will increase $8,000,000 to accommodate this sales level. The company has a profit margin of 6...
Study smarter with the SolutionInn App