What are the explicit and implicit cost of attending college

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Reference no: EM13233520

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. What is a sunk cost? Provide an example of a sunk cost other than one found in the text. Why are such costs irrelevant in making decisions about future actions?

Reference no: EM13233520

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