Discuss about the explicit cost and an implicit cost

Assignment Help Microeconomics

Reference no: EM132178064

Question: 1. Dustin is planning to open a catering business. Give examples of an explicit cost and an implicit cost his new catering business might incur.

2. Imagine you're in a meeting with the owner of a restaurant, who is trying to decide whether to keep his restaurant open or to invest his time and money in another way. Explain to him the difference between accounting and economic profit, and why it should matter for his decision.

Reference no: EM132178064

Questions Cloud

How do you perform a presentation using text boxes : How do you perform a presentation using text boxes, SmartArt, and shapes in power point? What are some benefits to it?

Criminal justice agencies and practitioners : The perpetrator stole her wallet and was holding it when he/she fled the scene, which was only a minute or two earlier.

When determining whether a vpn is the solution of choice : When determining whether a VPN is the solution of choice for your organization's remote connectivity needs, type three quality questions you should consider

Stakeholder management practices for the next project : What suggestions would you make for improving stakeholder management practices for the next project, after one large construction project was just competed?

Discuss about the explicit cost and an implicit cost : Dustin is planning to open a catering business. Give examples of an explicit cost and an implicit cost his new catering business might incur.

What were the injuries and background of those involved : Did anyone die or become seriously injured. If so, how many? What were the injuries and background of those involved?

What do think was stevenson purpose in telling the story : What do think was Stevenson’s purpose in telling the story of the white prison guard who shows compassion?

Why self-employed business owners frequently overestimate : Explain why self-employed business owners frequently overestimate their profit levels. Imagine a restaurant in which tables are spread over a large area.

Thoughts on the possibility to use the bottom up model : What are your thoughts on the possibility to use the bottom up model and see the big picture of the system (is it possible ... why or why not)?

User Account

All Pages