3. Amandeep Singh : What are explicit and implicit costs. Present an example of implicit costs....

  

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3. Amandeep Singh : What are explicit and implicit costs. Present an example of implicit costs. What is the difference between Economic profits and accounting profits? What do you mean by Normal profit (zero economic profit), and sunk costs? Relevant Example must be included. 3. Amandeep Singh : What are explicit and implicit costs. Present an example of implicit costs. What is the difference between Economic profits and accounting profits? What do you mean by Normal profit (zero economic profit), and sunk costs? Relevant Example must be included.

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Explicit cost they are also known as accounting cost They are easy to identify and link to companys business activities t which expenses are attributed they are recorded to companys general ledger and ... View the full answer