Question: What are the differences between implicit and explicit costs? Why do economists include implicit costs when determining economic profits? Do accountants include them? How can

What are the differences between implicit and explicit costs? Why do economists include implicit costs when determining economic profits? Do accountants include them? How can the inclusion of implicit costs help businesses and individuals select options that yield the greatest net benefits?

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Implicit Costs and Explicit Costs are economic concepts that differ in their nature and how they are accounted for 1 Explicit Costs Explicit costs are ... View full answer

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