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

Gdp price index, Determine the GDP price index for 1984, using 2005 as the ...

Determine the GDP price index for 1984, using 2005 as the base year

Wal-marts supply chain management, Explain the impact of Wal-Mart's supply ...

Explain the impact of Wal-Mart's supply chain management on its total product, marginal product, and average product curves. What has been the effect on its retail prices?

Quality of healthcare, Explain how changes in the quality of healthcare wil...

Explain how changes in the quality of healthcare will influence the demand for care.

Index numbers of production, INDEX NUMBERS OF PRODUCTION  Among the com...

INDEX NUMBERS OF PRODUCTION  Among the commonly used economic indicators to monitor current trends in the economy are indices of production. The main aggregative indices used t

Indicate the beginnings, Which of the following would indicate the beginnin...

Which of the following would indicate the beginnings of an expansion of the economy? a. Fewer new firms are started. b. Stock market prices decline c. Consumer confidence improves

Total cost of linear equation, The total cost C of producing x units of som...

The total cost C of producing x units of some commodity is a linear function. Records show that on one occasion, 100 units were made at a total cost of $200, and on another occasio

ORTHODOX KEYNESIAN, WHAT IS THE CENTRAL PROPOSITION OF THE ORTHODOX KEYNESN...

WHAT IS THE CENTRAL PROPOSITION OF THE ORTHODOX KEYNESNIANS?

Marginal cost of care, Given the following MV information, what is the opti...

Given the following MV information, what is the optimal allocation of care according to the Preteens criteria, when the marginal cost of care is constant at $100. Person A Person B

Healthcare cost, define the economic principle of opportunity cost explain ...

define the economic principle of opportunity cost explain whether spending 17.9% of gdp is too much or too little to spend on healthcare

Eco 372, what does a weaker dollar to a) raise inflation and contract the e...

what does a weaker dollar to a) raise inflation and contract the economy b) reduce inflation and contract the economy c) raise inflation and expand the economy d) reduce inflation

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