Question: B. Classify the following costs as explicit or implicit.Explain your answer. Wages paid by Victoria University. The owner of a business spend the weekend maintaining

B. Classify the following costs as explicit or implicit.Explain your answer.

  1. Wages paid by Victoria University.
  2. The owner of a business spend the weekend maintaining his machinery.
  3. Rio Tinto spent 200 million on new mining machinery.
  4. Interest that could have been earned on retained earnings, which the firm used to fund its expansion plans.

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