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

Theory of aggregate deman, unplanned changes in inventory are counted as in...

unplanned changes in inventory are counted as inventory spending by firms.say true or false and justify

Compute the npv-the irr the mirr, Suppose a company is considering two inde...

Suppose a company is considering two independent projects, Project A and Project B.  The cash outlay for Project A is $14,000. The cash outlay for Project B is $20,000. The company

Factors responsible for changes in aggregate demand, Factors Responsible fo...

Factors Responsible for changes in Aggregate Demand The Aggregate Demand curve shows an inverse relationship between the quantity of goods and services demanded and the price l

State about the gross domestic product, Gross domestic product Definit...

Gross domestic product Definition Perhaps the most significant concept in macroeconomics is Gross Domestic Product (GDP): Gross Domestic Product (GDP) is defined as the

Demand for memberships at the health club, a health club sells 50 membershi...

a health club sells 50 memberships when the monthly price is $60 and 70 memberships when the monthly price is $40. the price elasticity of demand for memberships at this health clu

Unemployment, Find the labor force, the working-age population, the number ...

Find the labor force, the working-age population, the number of employed workers, and the number of unemployed workers. Unemployment rate 5.60 % Participation rate 62.50

Multiple regression analysis, In multiple regression analysis, before testi...

In multiple regression analysis, before testing the significance of the individual regression coefficients, (a) the intercept must equal 0. (b) the multiple standard error of the e

Hmo to provide acute care impatient services, A hospital has contracted wit...

A hospital has contracted with and HMO to provide acute care impatient services for $1000 per day, subject to a 10% withhold. The proposed budget for inpatient services is based up

Energy infrastructure, Energy Infrastructure: Electricity is one of th...

Energy Infrastructure: Electricity is one of the main determinants of the quality of life. In India, the power sector has not kept pace with the growth in demand resulting in

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