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?

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Rahul Sunny answered 1 year ago

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