Question: Distinguish between (a) Fixed cost and variable cost (b) Explicit and implicit cost (c) Out of pocket cost and book cost .

Distinguish between

(a) Fixed cost and variable cost

(b) Explicit and implicit cost

(c) Out of pocket cost and book cost .

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Managerial Economics Questions!

Q:

Discussion Board 4 Production Economics and Decisions...

Q:

Note: Yellow font indicate correct answer. 1. Period Cost means : a) variable cost c) prime cost b) fixed cost d) indirect cost 2. Raw materials that are directly identifiable as part of the final...

Q:

Book: economics a contemporary introduction angle of d out- 1. Explicit and Implicit Costs Amos Mccoy is currently raising s from corn on his 100-acre farm and earning an accounting profit of a. An...

Q:

1. (a) Explain the difference between implicit cost and explicit cost. (b) List several explicit costs an implicit costs for an owner of a coffee shop who sells coffee and sandwiches daily, who owns...

Q:

Based on your own experience, describe a business that is quite competitive. What good or service is produced Which of the criteria for a perfectly competitive firm are met by this businessand which...

Q:

Based on your own experience, describe a business that is quite competitive. What good or service is produced Which of the criteria for a perfectly competitive firm are met by this businessand which...

Q:

Based on your own experience, describe a business that is quite competitive. What good or service is produced Which of the criteria for a perfectly competitive firm are met by this businessand which...

Q:

11.) Economic profit is defined as opportunity cost- average cost. total fixed cost- total variable cost. total revenue - (explicit + implicit costs). total revenue - explicit costs. total revenue -...

Q:

help please. thank you If the firm is producing at a quantity of output where marginal cost exceeds marginal revenue, then ________. select all that apply. A. the firm's perceived demand will shift...

Q:

opportunity cost is a . The difference between fixed cost and variable cost b . The variable cost a firm incurs by increasing output one unit c . The value of the best alternative use of a firm's...

Q:

When bad debts are estimated, why is the balance in Allowance for Doubtful Accounts considered when the percentage of accounts receivable approach is used but not when the percentage of net credit...

Q:

Parker is 50 and wants to retire in 15 years. His family has a history of living well into their 90s. Therefore, he estimates that he will live to age 95. He currently has a salary of $120,000 and...

Q:

On 1st July, 2016, Sengupta of Calcutta sent 150 cases of goods at a cost of ~ 750 per case to Kapoor of Bombay on consignment basis and paid ~ 1,900 for insurance premium, ~ 3,500 for freight and ~...

Q:

Evaluate each of the following. 54 36 4 + 2 2