explicit cost or an implicit cost

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• Explicit Cost, Implicit Cost or Not Needed to Be Reflected

  What is his explicit and implicit cost. I know that the (5% of 2000) is implicit cost. $30000 + (10% of 3000) is the explicit cost. However i am confuse. Do i need to add the cost of the machine of $5000 to explicit or implicit cost?

• Implicit and Explicit costs

  Implicit cost: the opportunity cost of actors (in other words, say if they decided to leave the club and teach at a school, then what they make from teaching is the implicit cost). Should tickets cover explicit or implicit costs?

• Microeconomics: Variable, Fixed, Explicit and Implicit costs

  Then, identify that same costs as being an explicit cost or an implicit cost. Give the rationale for each of your answers.

• distinguish between explicit & implicit costs

  Implicit cost is the opportunity cost or income forgone that a firm gives up in order to use a factor.

• Comparison of Accounting & Economic Profits

  Whereas accounting profit ignores the opportunity cost or implicit cost of doing business in evaluating the performance of that business.

• Implicit Costs: Impact on Value of Economic Profit

  Implicit cost is also called an imputed cost, implied cost, or notional cost. In other words, an implicit cost is any cost that results from using an asset instead of renting, selling, or lending it.

• Opportunity cost of the resource used

  Any decision that involves a choice between two or more options has an opportunity cost. Hence opportunity cost is the cost of foregone choice.

• What are some examples that lead to economic profit or loss, but not necessarily a recognizable event for accounting purposes?

  All decisions involve choice must involve opportunity cost calculation. ? The opportunity cost may be either real or monetary, either implicit or explicit, either quantifiable or non quantifiable.

• Explicit and Implicit cost

  His own house has the opportunity cost. It means that it has implicit cost represented by the lost opportunity as he is using his own resources. Thus his explicit cost is falling and implicit cost is rising Option D.