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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.
Determination of L in the cross model As firms will produce less than Y OPT , they require less labor than L OPT . We can determine exactly how much L they need in order to pro
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Your local newspaper reports the following: the owners of the New Orleans Sandwich Shop in Seattle, Washington, found that when they priced their hot dogs (reportedly the rolls-roy
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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
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