Question: what is the difference between implicit cost and explicit cost. Give two examples for each.

what is the difference between implicit cost and explicit cost. Give two examples for each.

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 General Management Questions!

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:

ANSWER ALL PARTS OF THE QUESTION Describe two scenarios where the concept of relevant cost is applied and give two examples of the irrelevant cost. (5 marks) The traditional incremental budget...

Q:

Question 3 ANSWER ALL PARTS OF THE QUESTION 1. Describe two scenarios where the concept of relevant cost is applied and give two examples of the irrelevant cost (5 marks) 2. The traditional...

Q:

Question 3ANSWER ALL PARTS OF THE QUESTION1. Describe two scenarios where the concept of relevant cost is applied and give two examples of the irrelevant cost. (5 marks) 2. The traditional...

Q:

In 20X2, Montanas manufacturing division implemented a system to report on quality costs. At the end of 20X5, the production manager wanted to know if quality costs were different from 20X3. The...

Q:

A firm had sales revenue of $1 million last year. It spent $600,000 on labor, $150,000 on capital and $200,000 on materials. The firm's factory sits on land owned by the firm that could be rented out...

Q:

5. Describe how linear functions and arithmetic sequences are similar. How are they different? Algebraic For the following exercises, find the common difference for the arithmetic sequence provided....

Q:

Video Link: Bias Overide: Overcoming Barriers to Fair Housing- video link below ( https://www.youtube.com/watch?v=_XleTjTv7BI&feature=youtu.be ) Governor Newsom signed SB 263(Links to an external...

Q:

Questions 4-1 Give two examples of explicit transactions. 4-2 Give two examples of implicit transactions. 4-3 Give two synonyms for unearned revenue. 4-4 Distinguish between the accrual of wages! and...

Q:

Question 1 a. Joe faces the following options: (a) pay $5,000 in tuition to attend classes at Econ Tech Business School; (b) work as a fry cook for $4,000; or (c) work as a waiter at an elite...

Q:

Integrating your life is about making hard choices. Living an integrated life enables leaders to be more effective in leading. It also helps them lead healthy lives and develop healthy organizations....

Q:

Calculate what is the time-weighted after-tax rate of return form the following data? Tax Rates are as follows: The capital gains rate is 20% The investor's personal income tax rate on dividends is...

Q:

Ivanhoe Company reported the following information for 2 0 2 5 . Ivanhoe Company Income Statement For the Year Ended December 3 1 , 2 0 2 5 Additional information: Operating expenses include...

Q:

Instructions: Using the following data, complete the requirements given below. When you are given amounts to assume as the answers to previous requirements, be careful to use such assumed amounts...