What is an example of an
implicit and an explicit cost of raising children?
In estimating the housing
cost of raising a child, should a child be assigned the same share
of housing costs as any other member of the household (average
total cost) or simply the cost of an extra bedroom (marginal
cost)?
what are the implicit and explicit cost associated with
introducing a new product ? what is the total cost associated with
this venture and what happens to this cost in short and long run
production?
Explain the difference between implicit and explicit costs. Give
two examples of when an explicit cost is different from an implicit
cost.
In your own words, explain the difference between accounting and
economic profit. Give two examples of when they differ.
Finally, explain the difference between economies and
diseconomies of scale. 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 costs. Give
two examples of when an explicit cost is different from an implicit
cost. In your own words, explain the difference between accounting
and economic profit. Give two examples of when they differ. Explain
the difference between economies and diseconomies of scale. Provide
examples of when an actual firm might benefit from economies of
scale or be harmed by diseconomies of scale.
Environmental costing is an attempt to take the explicit and
implicit environmental cost associated with a product into account
during the production process. Required: Based on your own research
on Environmental Costing, discuss what you have learned about it.
You may share examples, provide definitions, or anything else
relevant to the topic.
What are the differences between implicit and explicit costs?
Why do economists include implicit costs when determining economic
profits? Do accountants include them? How can the inclusion of
implicit costs help businesses and individuals select options that
yield the greatest net benefits?
Using the concept of implicit costs, explain how they affect the
economic costs of attending college? Or starting your own
business?