Distinguish between explicit and implicit costs, giving examples of each. What are some explicit and implicit costs of attending college?

Q: 39. What do you call that COST which is nat usually thought of at a coST? A. Explicit Cost B.…

A: When making any activity, there used to be some cost associated with it thay is classified into…

Q: Explain Implicit and Explicit cost with the help of suitable example?

A: Firms undertake production by employing many resources. There are hiring costs of inputs like labor…

Q: How are the marginal cost curve and average variable cost (AVC) curve related? Explain why the AVC…

A: Marginal Cost(MC) is the increment in the total cost(TC) due to a unit increment in the amount of…

Q: Distinguish implicit and explicit cost of production give an example for each?

A: Explicit costs are out-of-pocket expenses. Implicit cost is the opportunity cost.

Q: Explain the term Explicit and Implicit costs. Give examples

A: Implicit costs are costs that arise which are not registered for accounting purposes without…

Q: hy is it important for managers to avoid confusing incremental costs with average costs?

A: Incremental Cost :- The incremental cost represents the cumulative amount of money spent on an extra…

Q: t Suppose that the monthly​ cost, in​ dollars, of producing x chairs is…

A: Total cost measures the overall cost of production incurred in the process to produce output.

Q: Define Explicit and Implicit Costs.

A: Opportunity cost: - opportunity cost is a forgone benefit which we could have earned by applying all…

Q: If the government says that firm X must pay 50000 in taxes simply because it in the business…

A: In a market, government imposes different types of taxes on different products and services based on…

Q: Ontario is removing vehicle license renewal fees (article below). How does this affect the cost of…

A: Understanding the impact of eliminating licence renewal fees on automobile ownership costs is the…

Q: What is the Difference between Fixed Costs, Variable Costs, and Marginal Costs?

A: Fixed cost: Fixed costs are those costs that remain fixed for every unit of output produced. It does…

Q: What is meant by Explicit and Implicit costs?

A: Cost is characterized as the monetary value of both producers and customers' purchased goods and…

Q: What are the effects of cost reduction ?

A: Answer - Cost of Reduction - Cost of reduction is method to increase productivity and reduce the…

Q: Fillipe quit his old job where he had been earning $2,000 a month to start his own business. He also…

A: Salary = 2,000 Income from business = 1,000

Q: What is Cost Analysis?

A: The correct answer is given in the second step.

Q: Describe marginal cost in your own words.

A: Cost accounting is a method of financial management that examines a business's variable and fixed…

Q: Explain the difference between explicit and implicit costs, and giveexamples of each.

A: Cost refers to the expenses that firms have to incur in the production of their goods and services.…

Q: What is the explicit and implicit cost? Can explicit or implicit be used for a business or…

A: Cost refers to the sum of money a corporation spends on making or producing products or services.…

Q: What is a cost that changes with the change in volume of activity of an organization

A: The cost that changes with the change in volume of activity of an organization or in other words,…

Q: What is the difference between implicit and explicit costs? Why do economists include both implicit…

A: Each firm in any industry is driven by profit motive. The goal of a firm is to maximize its sales…

Q: Explain the term Total costs?

A: Any firm main objective is to maximize its profit and for maximizing profits every firm must know…

Q: FIRM X SPENT $100m to upgrade its equipment last year. this year, the amount represents: a. An…

A: Taking definition of each statement An accounting cost : its cost of operating a business it…

Q: What are Fixed and Variable Costs?

A: Fixed cost: Fixed cost refers to those costs which remain the same throughout the production.…

Q: On which factors does total cost for heating or air conditioning a building depends?

A: The sum of all the costs of producing a certain level of output incurred by a company is known as…

Q: Distinguish between explicit and implicit costs, giving examples of each. What are some explicit and…

A: Implicit Cost: Implicit cost is due to the factors which are entrepreneur himself owns and employs…

Q: What is the difference between economies of scale andeconomies of scope? How do firms consider these…

A: The concepts of economies of scope and economies of scale explains the situations when the big firms…

Q: What are their implications for cost and return?

A: The method of directing capital among savers to organizations that require it is known as finance.

Q: Identify the explicit costs incurred by this business. Why are they explicit costs?

A: Since you have asked multiple questions, we will solve the first question for you. If you want any…

Q: Which of the following is an example of an implicit cost? A) the cost of fuel and materials. B) the…

A: Implicit cost is also called opportunity cost. It is the cost that is incurred but not reported…

Q: A producer borrows money and start a business . He himself looks after the business. Identify the…

A: # In a business if we consider the assets of the firm and its opportunity cost then this is counted…

Q: Opportunity cost refers to A) explicit costs+ implicit costs B) Time costs C) Money costs D) None of…

A: The total amount of money used in producing goods & services and including labor, time and…

Q: How does the hypothesis of diminishing returns (MP& AP) influence the behaviour of costs (MC& AC)?

A: Costs refers to the amount of money needed to produce goods and services by a firm. These costs may…

Q: when marginal cost is less than average total cost is falling true False

A: Answer (21). True, Explanation: When the marginal cost is less than the average total cost, the…

Q: Explain the relationship between total, marginal and average cost

A: The total cost is the summation of total variable cost and the total fixed cost that a firm incurs.…

Q: Would you consider an interest payment on a loan to a firm an explicit or implicit cost?

A: A producer faces two types of the cost when computing accounting profit and economic profit. These…

Q: Explain Implicit and Explicit cost with the help of suitable example?

A: Since you have asked multiple questions, we will solve the first question for you. If you want any…

Q: Q)Distinguish between explicit and implicit costs, giving examples of each. (a) What are the…

A: In common usage, cost refers to the monetary value of goods and services purchased by producers and…

Q: Give an quantitative example of marginal and average cost.

A: Average cost is the equivalent of total fixed cost (TFC) and total variable costs (TVC) divided by…

Q: Give some examples of the variable costs?

A: Variable Costs(VC) are those costs that varies with the quantity of output produced. If Q is the…

Q: Opportunity cost refers to  A) explicit costs+ implicit costs

A: The total amount of money used in producing goods & services and including labor, time and…

Q: If production increases, what happens to average total cost (ATC), does it increase only, decrease…

A:

Explicit and Implicit Cost Analysis

The entire idea of the cost of production or production cost is applied corresponding or we can say that it is related to money cost. Money cost refers to any money expenditure which the firm or supplier or producer undertakes in purchasing or hiring factors of production or factor services.