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

Majority of the citizenry pays, Can democracy survive if a majority of the ...

Can democracy survive if a majority of the citizenry pays little or nothing in taxes while benefiting directly from a higher level of government spending? Why or why not?

Determined that the firm''s cost function, Robert's New Way Vacuum Cleaner ...

Robert's New Way Vacuum Cleaner Company is a newly started small business that produces vacuum cleaners and belongs to a monopolistically competitive market. Its demand curve for t

Adam smith living in today''s economic climate, Imagine Adam Smith living i...

Imagine Adam Smith living in today's economic climate. Describe what current economic issues about which he might be most concerned with and state why?

Describe in detail about exchange rate systems, Describe in detail about Ex...

Describe in detail about Exchange rate systems Various countries have different exchange rate systems. The most significant characteristic of an exchange rate system is to what

Liberalisation of capital account and convertibility issue, Liberalisation ...

Liberalisation of Capital Account and Convertibility Issue: Broadly speaking and irrespective of sector specificity, a liberalised system is one where the role of the governme

Estimate paper by stock and watson in a bayesian manner, estimate paper by ...

estimate paper by stock and watson in a bayesian manner

Money market in the AS-AD model, Q. Money market in the AS-AD model? g...

Q. Money market in the AS-AD model? goods and the money market in the AS-AD model We begin by studying goods market and money market when prices are no longer constant. Fi

Kinked demand curve, disuss with an aid of a diagram the kinked demand cur...

disuss with an aid of a diagram the kinked demand curve

For product price elasticity of demand, You are the manager of a firm that ...

You are the manager of a firm that receives revenues of $50,000 per year from product X and $80,000 per year from product Y. The own price elasticity of demand for product X is -3,

Keynesian theory, what is static and dynamic multiplier in keynesian theory...

what is static and dynamic multiplier in keynesian theory?

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