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

Macro, Over long spans of time, macroeconomies typically grow, but over sho...

Over long spans of time, macroeconomies typically grow, but over short spans there are fluctuations in output and prices known as ____ ?

Evaluate the additional social loss, A monopoly has a total cost function o...

A monopoly has a total cost function of C(Q) = 8Q and faces a market demand Q = 100 ? 2p, (a) calculate the deadweight loss; (b) The firm now spent an amount equal to half of

Point of service option, An HMO has a point of service option for its membe...

An HMO has a point of service option for its members, but will pay only 80 percent of approved charges. If a member goes out of network for a medical procedure with a charge of $20

Determinants of money supply, Determinants of Money Supply The precedi...

Determinants of Money Supply The preceding sections concentrate on the processes through which the commercial banking system creates and destroys deposits by purchasing and se

Classical economic theory, Between 2007 and 2009 the U.S. economy experienc...

Between 2007 and 2009 the U.S. economy experienced a severe recession. In an effort to stimulate the economy, the federal government passed a stimulus package. Explain the federal

How can an economic development be measured, How can an economic developmen...

How can an economic development be measured? The UN has developed an extensively accepted set of indices to measure development in opposition to a mix of composite (element or

Money supply nominol income , a small country produces 5000 units of output...

a small country produces 5000 units of output and has a money suplly of $2000. if citizens want to hold 10% of their income in money ie k=0.1 what are v, $gnp, p and real money sup

The transmission mechanism - monetary policy, The Transmission Mechanism ...

The Transmission Mechanism The mechanism by which the changes in monetary policy affect aggregate demand is called 'transmission mechanism'. Two stages in transmission mechanis

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