Question
In: Economics
What are the differences between implicit and explicit costs? Why do economists include implicit costs when...
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?
Solutions
Rahul Sunny answered 2 years agoRelated Solutions
Explain the difference between implicit and explicit costs. What are the differences between accounting and economic...
Explain the difference between implicit and explicit costs. What
are the differences between accounting and economic profits? Give
examples for both of these concepts.
Explain the difference between implicit and explicit costs. Give two examples of when an explicit cost...
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...
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.
Explain the difference between explicit costs and implicit costs. - Explicit costs will involve outflow of...
Explain the difference between explicit costs and implicit
costs. - Explicit costs will involve outflow of cash due to the use
of factors of production is called Explicit Cost. This is also
known as Out-of-pocket Costs. This is an actual occurrence to a
business. There will be recording and reporting of these costs. The
Accounting and Economic Profit will help with calculating of
this.
EX: Salaries, rent,
advertisement,wages, and so on.
-Implicit Costs is in which...
1. Explain why economic costs include both explicit costs and implicit costs. 2. Explain the concept...
1. Explain why economic costs include both explicit costs and
implicit costs.
2. Explain the concept of opportunity cost as related to the
doctor in the Khan Academy video who gave up his profession to open
a business.
3. What other factors do you think the doctor may have
considered when he decided to leave his profession to open a
business?
What are explicit and implicit costs, and how do they guide the behavior of the firm?...
What are explicit and implicit costs, and how do they guide the
behavior of the firm? How does economic profit differ from
accounting profit, and what role does it play? In your opinion
should the firm base its decisions on accounting profit or upon
economic profit?
1A) The difference between a firm's total revenues and total costs when all explicit and implicit...
1A)
The difference between a firm's total revenues and total costs
when all explicit and implicit costs are included is the
firm's:
a.
opportunity cost of capital.
b.
accounting profit.
c.
economic profit.
d.
long-run average total cost.
1B)
The average fixed cost of a firm equal:
a.
implicit costs divided by output.
b.
total cost minus variable cost.
c.
explicit costs divided by output.
d.
total cost minus total variable cost divided by output.
1. Compare both fixed and variable costs with examples. What are explicit and implicit costs why...
1. Compare both fixed and variable costs with examples. What are
explicit and implicit costs why must you consider both t be
efficient?
2. if you had the power and the authority to create a health
care law for this country what would you do?
3. what do we mean by "Price elasticity of demand"? other than a
price list and elasticity determinants that affect you own price
elasticity of demand for an item.
4. Explain the "Law of diminishing...
Much of economics is focused on defining costs and distinguishing between implicit and explicit costs. Considering...
Much of economics is focused on defining costs and
distinguishing between implicit and explicit costs. Considering
this please respond to the following:
Think of a company, and its industry, and give an example of an
implicit cost for that company.
With the implicit cost identified explain why, or why not, the
cost needs to be considered.
Are there any benefits to the cost identified? Are there any
disadvantages? Explain.
If necessary, complete additional research to support your ideas
on this...
The main difference between implicit and explicit memory?
The main difference between implicit and explicit memory?
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