Explain the difference between implicit and explicit costs

Assignment Help Business Economics

Reference no: EM131391910

Explain the difference between implicit and explicit costs. Give two examples of when an explicit cost is different from an implicit cost.

In your own words, explain the difference between accounting and economic profit. Give two examples of when they differ.

Finally, explain the difference between economies and diseconomies of scale. Provide examples of when an actual firm might benefit from economies of scale or be harmed by diseconomies of scale.

Reference no: EM131391910

Questions Cloud

The fed announces an inflation target : Suppose the Fed announces an inflation target of 3.90%. Suppose real GDP is forecasted to grow by 2.93% and that the velocity of money has been stable. What is the largest money growth rate the Fed could implement and still achieve the above mentione..

Calculate the elasticity of demand : Calculate the elasticity of demand, using the midpoint formula, as price drops from $6 to 5, then from 5 to 4, 4 to 3, 3 to 2, 2 to 1, and, 1 to 0. For each calculation in part c, state: if the price elastic, unitary or inelastic; what portion of the..

Best describes a monopsonist : Which of the following best describes a monopsonist? Which of the following is true of an imperfectly competitive labor market? With regard to monopsonists, which of the following is most accurate?

Discuss eight steps of the two-way communication process : Communication is a transfer of information from one person to another person. Discuss the eight steps of the two-way communication process.

Explain the difference between implicit and explicit costs : Explain the difference between implicit and explicit costs. Give two examples of when an explicit cost is different from an implicit cost. In your own words, explain the difference between accounting and economic profit. Give two examples of when the..

In an asymmetric market for used cars : In an asymmetric market for used cars, which of the following could be used to avoid a thin market?

Sustainable sourcing strategies are developed-implemented : The demand for a monopoly's output is p = 100 - Q. The firm's production function is Q = 2L. What is the firm's demand function for labor? Compare and contrast the models of organizational behavior that are especially suited for more affluent nations..

What dimensions of choice do these other policies affect : What dimensions of choice do these other policies affect?

What is the short-run labor demand curve for the firm : In the short run, a competitive firm has a marginal product of labor, MPL = 5L^ -0.5. The output price is $10 per unit and the wage is $7 per hour. What is the short-run labor demand curve for the firm?

User Account

All Pages