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Differentiate between explicit and implicit cost

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Why is it important to differentiate between explicit and implicit cost?
Why is it important to differentiate between the short and long run? Which business has a shorter short run, a bakery or a metal smelting business? Explain
Are the costs below an explicit or implicit cost? Explain your answer
Jim, who owns a mowing company, spends the weekends servicing his lawnmowers.
John withdrew $100,000 from his savings account to start a business.
IBM paid interest on company issued bonds.
Owner of the company AABB spent 2 hours going through the resumes of new job applicants.

Reference no: EM133065511

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