Question: Implicit and explicit cost The choices listed below involve costs to the firm. For which is the implicit cost potentially different than its explicit cost?

Implicit and explicit cost

The choices listed below involve costs to the firm. For which is the implicit cost potentially different than its explicit cost? Select one: Q a. the purchase of raw materials used in production 0 b. the use of rented land 0 c. the interest paid on borrowed money 0 d. the use of firm-owned assets 0 e. the services of hired workers

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 Economics Questions!

Is Best Buy focusing too much or too little on cost reduction? Explain.

The choices listed below involve costs to the firm. For which is the implicit cost potentially different than its explicit cost? Select one: o a. the services of hired workers O b. the purchase of...

The choices listed below involve costs to the firm. For which is the implicit cost potentially different than its explicit cost? a) The use of firm owned land. b) The rent overflow office space of a...

1. According to the text, economists assume that business firms transform inputs into useful goods and services so as to _____. a. create a reputation of social service b. earn profits and avoid...

HI PLEASE ANSWER ALL 25 MULTIPLE CHOICE QUESTIONS 1. An economic system in which there are elements of both private and public enterprise is best classified as which of the following? traditional...

QUESTION 1 You are deciding whether you should leave your current job as a barista at a caf and work as a store assistant at a retail shop. Which of the following statements is true? @ |If you...

Question Completion Status: QUESTION 22 To the economist, total cost includes: O explicit, but not implicit, costs. O explicit and implicit costs. O neither implicit nor explicit costs. O implicit,...

11-From statements given below, select the incorrect one O A positive income elasticity of demand coefficient indicates that a product is a normal good O A positive income elasticity of demand...

11. To the economist total cost includes: a explicit and implicit costs, including a normal profit. b. neither implicit nor explicit costs. c. implicit, but not explicit, costs d. explicit, but not...

Hello can someone please help me to answer this multiple choice below.. i really need help right now. kindly explain your answer briefly. thank you 1. Which of the following is not included as the...

Q1. Which of the following statements is true regarding the differences between economic and accounting costs? a. Accounting costs include all implicit and explicit costs. b. Economic costs include...

Explain in detail the mechanism of epinephrine signal transduction ?

Show that the following potentials satisfy Laplace'sequation. (a) V = e -Sx cos 13y sinh 12z z cos s (b) V = 30 cos 0 (c) V =

Two types of adjustments under the Accrual Basis of accounting are: Multiple Choice Revenues and Retained Earnings Accruals and Deferments Accruals and Deferrals Prepaids and Deferments

Explain how an agile software process differs from a waterfall software process and give an advantage and a disadvantage of each?

In our present society where some leaders use their ethnocentric ego to establish rules and authority, as a youth, how can you uplift laws and democratic principles which you should be appliesd...

Be sure to answer all parts. The equilibrium constant K, for the reaction below is 67.7 at a certain temperature. If you start with 0.335 M hydrogen iodide, what will the concentrations of H, , and...

What is the final percentage concentration of a calamine lotion containing a zinc oxide if the preparation entails the mixing of half a pound of 1:10 zinc oxide, 45 g 1:5 zinc oxide, and 3.5oz of...

Asymmetric I-section of size 180 mm 40 mm, 8 mm thick is strengthened with 240 mm 10 mm rectangular plate on top flange as shown in Fig. below. If permissible stress in the material is 150 N/mm^2,...

5. Imagine a situation where you were really annoyed by someone elses behaviour. Try to find the positive intention behind the behaviour.

3. Imagine a communication situation at work or at home where you felt that you were locked (inflexible). Reflect on three alternative strategies that could have led to you becoming more flexible,...

4. In the next communication situation you are in, already think through three different communication strategies, which will make you achieve greater flexibility. Then practice on these as soon as...