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Distinction between explicit and implicit costs

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The concept of opportunity cost is an important one in economics. It is essential to understand the distinction between explicit and implicit costs. For this assignment, consider an initiative at work that you company is considering doing, such as a new product, adding more employees, etc. Include all implicit and explicit costs of this venture. In addition, analyze the value of this project and how the costs will be in the short run and the long run. Make a recommendation to the firm based on your analysis.

Reference no: EM132795394

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