Define explicit cost and implicit cost
Briefly describe the term explicit cost and implicit cost?
Expert
Explicit cost is the cost that is outside to the business such as rent, wage and materials. It gives obvious depiction of the cash outflow from business that is employed to reduce the end outcome of profitability. This straightly influences the revenue of the company. Implicit cost is the end result of one person who tries to satisfy his wants in search of an activity that gives no reward to him through money or any other form of payment. It consists of reimbursement and satisfaction. For instance: goodwill. It is not counted up in terms of money and it is indirect insubstantial cost.
Illustrate the 6 basic supply determinants of other than price?
Question: Some commentators have argued that the failure of the "Super committee" is good thing for the economy? Do you agree? Answer: The Super committe
Hello, I would like help with my assignment.
Transaction costs to ultimate consumers are reduced if: (w) consumers travel long distances to buy directly from manufacturers quite than buying the goods at local retail stores. (x) intermediaries generate income while conveying goods from manufactur
1. The owner of a firm calculates that next year's profit will be $1,000. Each successive year profit will increase by 10% (i.e. year 2: $1100; year 3: $1210 and so on.) At the end of the 5th year the firm could be sold for $20,000. A) if the appropriate di
need urgent help in business economics, please suggest
Which of the given describes a situation in which each good or service is produced up to the point where the last unit gives a marginal benefit to consumers equivalent to the marginal cost of producing this? w) productive efficiency.
Distinguish between a change in supply and a change in the quantity supplied?
The new supply and demand curves within University City are S0 and D0. But after the county commission imposed a $3 per six-pack excise tax upon beer: (1) demand fell to D1 from the perspectives of beer dealers. (2) co
Elucidate the Local expenditures and receipts for all local governmental units in 1996?
18,76,764
1930157 Asked
3,689
Active Tutors
1451251
Questions Answered
Start Excelling in your courses, Ask an Expert and get answers for your homework and assignments!!