As you learned, explicit costs is known as the companys out-of-pocket costs (i.e. wages, rent, etc.) and are payments that are actually made. Implicit costs are commonly known as costs that are belonging to the owner of the company (i.e. capital and inventory) and are resources and could already be put toward some other use.

For this entry, define Igloo cooler explicit and implicit costs.

A) Identify if there are any hurdles that jump out at you.

B) How might you prepare to mitigate these obstacles?

C) Explain and use research to back up your choices.

DO NOT USE INFORMATION FROM OTHER ANSWERS PLEASE