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What are implicit costs? An implicit cost is OA a cost incurred in the short run. O B. a cost that changes as output changes O C. a nonmonetary opportunity cost. O D. the highest-valued altenative that must be given up to engage in an activity OE. a cost that remains constant as output changes How are implicit costs different from explicit costs?
1. Distinguish between explicit and implicit costs, giving examples of each. What are the explicit and implicit costs of attending college? Why does the economist classify normal profit as a cost? Is economic profit a cost of production? 2. List several fixed and variable costs associated with owning and operating an automobile.
Economics questions and answers. Implicit and explicit costs are different in that: A) explicit costs are relevant only in the short run. B) implicit costs are relevant only in the short run. C) explicit costs refer to non-expenditure costs and implicit costs refer to out-of-pocket costs. D) implicit costs refer to non-expenditure costs and ...
Economic profit is equal to. a. total revenue minus explicit and implicit costs. b. total revenue minus explicit costs. c. marginal revenue minus marginal cost. d. total revenue minus implicit costs. e. total revenue minus dividends and interest. If the price elasticity of demand is 4, a 5 percent decrease in price will increase quantity ...
Approach understanding the difference between explicit and implicit costs by first recognizing that explicit costs reflect the actual expenses a firm pays for resources or services, while implicit costs refer to the opportunity cost of resources owned by the firm which are not tied to any monetary payments.
Implicit costs are the opportunity costs of using ... View the full answer. Previous question Next question.
If explicit costs equal $ 1 5 7, 0 0 0, implicit costs equal $ 9 5, 0 0 0, and accounting profit equals $ 2 3, 0 0 0, it follows that total revenue equals and economic profit equals.
Question: Implicit costs refer to: Group of answer choices Opportunity costs of the next best alternative that must be estimated. Marginal costs divided by output. None of the available answers. Variable costs. Total costs plus explicit costs.
Implicit costs are always greater in the short run than in the long run the "direct" costs of doing business "payments" for already owned resources equal to total fixed costs comprised entirely of variable costs.
Economics. Economics questions and answers. Unlike accounting profit, economic profit includes __________.explicit revenueimplicit revenue minus implicit costsimplicit revenue and implicit costsexplicit costs.