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

Q: Define marginal physical product of labor (MPP) and marginal cost of product (MC). How are these two…

A: The marginal physical product of labour can be defined as the increase in firms' revenue due to the…

Q: If there are implicit costs of production

A: To find : What is implicit cost of production.

Q: What is Explicit Cost?

A: The cost of production is the cost incurred in the process of production in the economy by a firm.…

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 can we predict cost behavior?

A: Cost behaviour shows the relation between the total cost and activities level. We can predict the…

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 using examples the difference between implicit and explicit costs

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

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: If marginal physical product is continually declining, what does marginal cost look like?

A: The marginal physical product is the additional output which can be produced by the firm by…

Q: An individual is both the owner and the manager of a shop taken on rent. Identify implicit cost and…

A: Explicit cost:- Standard business costs that appear in the accounting records and have a direct…

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: Using the definition QxAC = TC where Q = output, TC = the total cost of production and AC = the…

A: The average cost of production is calculated by dividing the total cost (TC) by the total output…

Q: how can i calculate net cost if i have an equation for marginal cost and marginal benefit?

A: Net Cost (NC) is generally used to do cost-benefit analysis. Hence, it is a measure to determine the…

Q: Give a numerical example to show that as marginal physical product (MPP) rises, marginal cost (MC)…

A: Marginal Physical Product (MPP) is the addition to the total physical product when an additional…

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: 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: An explicit cost is defined as a cost that involves spending money. a cost that does not change as…

A: Economics is a branch of social science that describes and analyzes the behaviors and decisions…

Q: what is explicit cost with example

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

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: 3. (Long-run costs,) Carmela's pasta factory employs workers and pasta machines according to the…

A: Given:- Production function: f(L,K)=l0.5K0.5Hourly cost of capital=$10Hourly cost of worker=$40 To…

Q: Which of the following is an implicit cost? i. wages paid to workers ii. the normal profit iii. the…

A: Implicit cost is that cost in which there is no exchange of cash and is not recorded for accounting…

Q: Define the term Manufacturing Costs?

A: Cost is the monetary value expended by a company to produce goods and services and to carry out its…

Q: . If economic profit equals accounting profit, what do implicitcosts equal?

A: Basics:- Economic Profit     = Revenue - Explicit Cost - Implicit Cost Accounting Profit  = Revenue…

Q: What is another term for marginal costs

A: Marginal cost refers to the additional cost incurred by firm or a producer when one additional unit…

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

A: Cost is the expenditure incurred by firms on the production of goods and services.

Q: What would be an example of an implicit cost of production?  A. the cost of a delivery truck in a…

A: Total economic cost is the sum of implicit cost and explicit cost.

Q: a) Using the definition Q x AC = TC where Q = output, TC = the total cost of production and AC = the…

A: The average cost of production is calculated by dividing the total cost (TC) by the total output…

Q: Money cost and the real cost don't coincide"? Comment on this statement

A: There are a lot of costs involved while producing a good or service. Some are explicit costs like…

Q: (Explicit and Implicit Costs) Determine whether each of the folowing is an explicit cost or an…

A: Explicit Cost:- Explicit costs are normal business expenditures that appear in general ledger…

Q: If people thought in a rational way before spending money on anything, would they truly avoid sunk…

A: Rational behavior refers to the situation where people making their decision sensibly. In other…

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: fixed cost (AFC) curve?

A: Average fixed cost (AFC) is the per unit total fixed cost of production.

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: C = 0.25q3 - 4q2 + 75q + F. The equation for average cost (AC) is: AC = (Properly format your…

A: A cost function is a formula used to predict the cost that will be experienced at a certain activity…

Q: write down 2 examples of implicit cost?

A: implicit cost is when company use thier resources ot helps in calculating economic profit

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: How would you derive marginal cost from total cost?

A: Marginal cost is defined as the cost which is incurred by the producer in order to produce one more…

Q: What is sunk cost? Provide an example of a sunk cost.Why are such costs irrelevant in making…

A: A sunk cost is the cost that is already paid and is non-recoverable.  An example is the fixed costs…

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: The cost curve for producing widgets passes through the following points and is piecewise linear in…

A: Incremental cost of production is the increase in total cost due to increase in the production…

Q: Briefly explain what is meant by the term "variable costs" and provide three examples of same.

A: Total cost of production has two parts- fixed cost, which remains fixed along the production and…

Q: What is sunk cost? Provide an example of sunk cost other than one from the book and explain it. Why…

A: Cost is the expenses incurred by a person on acquiring any good or service. It is the payment done…

Q: What are the advantages and disadvantages of Cost benefits?

A: Cost-benefit analysis refers to the system under which the business can try to estimate the profits…