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The distinction between explicit and implicit costs

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Two separated questions

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 event at work that

you company is considering doing, such as a new product, adding more employees, etc. their opportunity cost of going to school is. Include all implicit and explicit costs of this venture. In addition, analyze the value of this project and how the costs will be short run and the long run.

A 4-page essay, a minimum of 5 references.

Evaluate the following statement: In the short run, information about a perfectly competitive firm's fixed costs is needed to determine both the profit-maximizing level of output and the amount of profit earned when producing that level of output.

A 1.5-2 page essay, a minimum of 3 references.

Reference no: EM132372046

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