a.Find an income/financial statement from a company or from any

source and identify the explicit costs in the statement. Why are those explicit costs?

b.Try to figure out and cite the implicit costs in that statement. As best as you can,

estimate the opportunity costs of those items. Why are those considered as implicit

costs?

c.What can you say about the viability of such business after also deducting implicit

costs from its revenue? Would you say that such business has provided the best

alternative uses of the resources of the business owner?