What is difference between explicit cost and implicit cost, Macroeconomics

Assignment Help:

What are the difference between explicit cost and implicit cost?

Both are concerns to Opportunity Cost and Decisions:

An explicit cost is a cost which involves essentially laying out money.

An implicit cost does not needs an outlay of money; this is measured through the value, into dollar terms, of the advantages which are forgone.


Related Discussions:- What is difference between explicit cost and implicit cost

Ketch the bakerys average cost curve, A bakery has fixed costs of $10 per d...

A bakery has fixed costs of $10 per day and variable costs of $1 per loaf. Its oven can handle up to 50 loaves a day and it is impossible to obtain additional capacity. Sketch the

BUS668, Prepare calculations and a one to two page analysis, following the ...

Prepare calculations and a one to two page analysis, following the APA guidelines, that addresses the following: Assuming that the expectations theory is the correct theory of the

Monetary sector, If the reserve bank wants to pursue a contractionary polic...

If the reserve bank wants to pursue a contractionary policy, what should it do?

Explain friis equation- affective aperture, In your own words, explain the ...

In your own words, explain the following: a) affective aperture, b) array factor, c) Friis equation, d) Antenna H-plane and E-plane, e) radiation resistance

Notion of the hidden momentum of population growth, Explain the notion of t...

Explain the notion of the hidden momentum of population growth. Why is this an important concept for projecting future population trends in different developing nations?

Index number, definition and charactoristics of index numbers.problems whil...

definition and charactoristics of index numbers.problems while constructing index numbers

The micro-finance institutions in india, Have the micro-finance institution...

Have the micro-finance institutions failed in their objectives?

What are the responsibilities of central banks, What are the Responsibiliti...

What are the Responsibilities of central banks Responsibilities include providing banking services to commercial banks and the government and regulating financial markets and i

Compute the npv-the irr the mirr, Suppose a company is considering two inde...

Suppose a company is considering two independent projects, Project A and Project B.  The cash outlay for Project A is $14,000. The cash outlay for Project B is $20,000. The company

Impact of minimum wage law, Minimum wage laws are common in many countries....

Minimum wage laws are common in many countries. The debate over minimum wage includes claims about the impact of this action on employment levels and wage levels. What impact does

Write Your Message!

Captcha
Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd