regarded as costs by accountants but not by economists. B. payments that a firm makes to other firms or individuals who supply resources to it. C. non-expenditure costs. D. costs that vary proportionately with output
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Implicit costs are:
regarded as costs by accountants but not by economists.
B. payments that a firm makes to other firms or individuals who supply resources to it.
C. non-expenditure costs.
D. costs that vary proportionately with output.
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- Q)Distinguish between explicit and implicit costs, giving examples of each. (a) What are the explicit and implicit costs, say for example for joining university study? (b) Why does the economist classify normal profits as a cost? (c) Are economic profits a cost of production?Distinguish between explicit and implicit costs, giving examples of each. What are some explicit and implicit costs of attending college? Why does the economist classify normal profit as a cost? Is economic profit a cost of production?Distinguish between explicit and implicit costs, giving examples of each. Why does the economist classify normal profit as a cost? Is economic profit a cost of production? Explain why or why not.
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