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10 Oct 2018

Explain the difference between the explicit and implicit costs of production. Cite an example of each

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Nestor Rutherford
Nestor RutherfordLv2
10 Oct 2018

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Related questions

Explain the difference between explicit or implicit cost and give an example at each.

What is the principle distinction between explicit costs and implicit costs?

A. Explicit costs are direct, out-of-pocket payment, while implicit costs are all foregone opportunity costs.

B. Implicit costs must be paid immediately, but explicit costs need to be paid only in the long run.

C. Implicit costs are usually larger than explicit costs.

D. There is no real difference between explicit and implicit costs

1. Explain the difference between the change in demand and the change in quantity demanded? Bring an example and explain which demand determinant you are talking about?

2. Bring an example of production (any production in any industry), and state which costs do you think will be fixed costs and which ones will be variable costs?

3. Explain the explicit and implicit costs of the business? Explain

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