What are explicit and implicit costs?
Question:
What are explicit and implicit costs?
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 66% (3 reviews)
Explicit costs are tangible outofpocket expenses incurred in the production ...View the full answer
Answered By
Ali Khawaja
my expertise are as follows: financial accounting : - journal entries - financial statements including balance sheet, profit & loss account, cash flow statement & statement of changes in equity -consolidated statement of financial position. -ratio analysis -depreciation methods -accounting concepts -understanding and application of all international financial reporting standards (ifrs) -international accounting standards (ias) -etc business analysis : -business strategy -strategic choices -business processes -e-business -e-marketing -project management -finance -hrm financial management : -project appraisal -capital budgeting -net present value (npv) -internal rate of return (irr) -net present value(npv) -payback period -strategic position -strategic choices -information technology -project management -finance -human resource management auditing: -internal audit -external audit -substantive procedures -analytic procedures -designing and assessment of internal controls -developing the flow charts & data flow diagrams -audit reports -engagement letter -materiality economics: -micro -macro -game theory -econometric -mathematical application in economics -empirical macroeconomics -international trade -international political economy -monetary theory and policy -public economics ,business law, and all regarding commerce
4.00+
1+ Reviews
10+ Question Solved
Related Book For
Question Posted:
Students also viewed these Business questions
-
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...
-
Suppose you have started a snack food delivery business. Students order snacks via the Internet. You shop at local stores to fill these orders and then deliver the orders. To operate your business,...
-
COSTS OF PRODUCTION A. Navigate to the threaded discussion below: b. Imagine that you have invested $1 million in a McDonalds franchise restaurant. The investment includes expenses for land,...
-
For the circuit in Fig. 8.115, use PSpice to obtain v(t) for 0 6 2 H 24 V 3 04Fv
-
(True and False) 1. Concealment is the covering of tracks, obscuring of evidence, and removal of red flags to hide a perpetrators fraud. 2. Checks are excellent sources of physical evidence. 3....
-
Consider this dynamic income-expenditure model: where Y is national income, E is spending, and c is the tax rate on income (0 Y = E E = 100+ 1.2(1c) Y-1
-
Fill in the Blank. The velocity with which a representative point moves along a trajectory is called the ___________ velocity.
-
Middler Corporation, a manufacturer of electronics and communications systems, uses a service department charge system to charge profit centers with Computing and Communications Services (CCS)...
-
Barry Yellow started his painting business on September 1, 2021. He employed John Wilson, as an accounting assistant. John recently graduated from college with a postgraduate diploma in...
-
Would you consider an interest payment on a loan to a firm an explicit or implicit cost?
-
Automobile manufacturing is an industry subject to significant economies of scale. Suppose there are four domestic auto manufacturers, but the demand for domestic autos is no more than 2.5 times the...
-
Drug manufacturing is a risky business requiring much research and development. Recently, several drug manufacturers had to make important decisions. Developing a new drug for Alzheimer's can cost...
-
The method of least squares was used to develop a cost equation to predict the cost of receiving purchased parts at a video game manufacturer. Ninety-six data points from monthly data were used for...
-
1.Two charged parallel plates separated by a distance of 2.00 cm. If the potential difference between the plates is 300 V, what is the value of the electric field between the plates? 2. Find the...
-
Rose Hill, a soybean farm in northern Minnesota, has a herd of 28 dairy cows. The cows produce approximately 1,540 gallons of milk per week. The farm currently sells all its milk to a nearby...
-
1. Find the electric flux emanating from a point charge of 6 micro coulombs. 2.An electric field of 500 V/m makes an angle of 30.00 with the surface vector, which has a magnitude of 0.500 m 2 . Find...
-
Writing a detailed written assessment that challenges the traditional legal regimes governing the use of military force, addressing key jus ad bellum and jus in bello legal concerns along with their...
-
The proportion of patients who visit the emergency room (ER) and die within the year is 0.05. Suppose a hospital administrator is concerned that his ER has a higher proportion of patients who die...
-
Multiple Choice Questions: 1. The largest component of aggregate demand is? a. Government purchases. b. Net exports. c. Consumption. d. Investment. 2. A reduction in personal income taxes, other...
-
What type of account is prepaid insurance? A. Stockholders Equity B. Expense C. Liability D. Asset
-
Unearned service revenue occurs when which of the following occurs? A. Company receives cash from a customer before performing the service B. Company pays cash before receiving a service from a...
-
Which set of accounts has the same type of normal balance? A. Cash, accounts payable B. Prepaid rent, unearned service revenue C. Dividends, common stock D. Accounts payable, retained earnings
-
An aircraft is flying at 4 0 0 mi / hr at 2 5 , 0 0 0 ft and has a requirement to accelerate at 3 ft / s ^ 2 in level flight. The aircraft has the following characteristics: Thrust = 9 0 0 0 lb Drag...
-
An aircraft has the following characteristics: Empty mass = 4 0 , 0 0 0 kg , fuel mass = 1 0 , 0 0 0 kg , overall propulsion efficiency = 0 . 2 5 Fuel energy / mass = 4 3 MJ / kg , cruise lift...
-
3: Two-Stage Steam Turbine (Power Produced) A two-stage steam turbine receives steam at a rate of 15 kg/s. The enthalpy at the turbine inlet is 3500 kJ/kg, and the enthalpy at the turbine outlet is...
Study smarter with the SolutionInn App