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What are the Example of explicit cost and implicit cost?
Economic vs. Accounting Costs
We know that the value of the best alternative forgone is the economic cost of anything from lard to romance. All costs, whether monetary or nonmonetary are opportunity...
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Example of implicit cost?
One classical example of implicit cost is the owner of a company putting his time and effort in maintaining the company rather than looking out for growth opportunities.
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What are explicit and implicit costs?
explicit costs are "out of the pocket" expenses that a firm must make to outsiders for resources.
implicit costs are the cost of using your resources; the ones you already have.
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What example of explicit?
"Explicit" means "clearly stated and leaving nothing implied". For example, the legend in one corner of the Monopoly board: "Go to jail. Go directly to jail. Do not pass go, do not collect $200", is...
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Example of implicit?
There is almost an implicit assumption that tutors know about these things.