Implicit And Implicit Cost

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Introduction
In this written assignment, I am going to explain the difference between implicit and explicit costs. Also, I will provide two examples of when an explicit cost is different from an implicit cost. In addition, I will explain the difference between accounting and economic profit and provide two examples of when they differ.Finally, I will explain the difference between economies and diseconomies of scale and provide examples of when an actual firm might benefit from economies of scale or be harmed by diseconomies of scale.
Explain the difference between implicit and explicit cost
Explicit cost is the revenue coming into to a business minus the costs.For example, a pizza parlor, the cost includes,workers to run the business, ovens to cook the pizza, and ingredients to make the pizza. Accountants usually look at the expenses for a business in this manner the revenue minus the explicit costs.
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An example, a student graduates from High School and starts to work at a local retail store and earns $1500 a month. The student has bills to pay, such as phone, car, and rent which is a total of $1000 a month. (Explicit cost). The student still has $500 to spare, not too bad of earning for a high school graduate. But, if you factor in the implicit cost, if the student graduated from college, he would be making double $3500 a month. In this case, the student is losing $2500, which he would have had if he graduated from college.
Give two examples of when an explicit cost is different from implicit

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