Explicit and Implicit cost

Related BrainMass Solutions

• Implicit and Explicit costs

  Explicit cost: cost of renting theatre, cost of props and costumes and cost of equipments (such as lighting, sound system etc.)

• Explicit Cost, Implicit Cost or Not Needed to Be Reflected

  What is his explicit and implicit cost. I know that the (5% of 2000) is implicit cost. $30000 + (10% of 3000) is the explicit cost. However i am confuse. Do i need to add the cost of the machine of $5000 to explicit or implicit cost?

• Business and Economic profits

  In this case the implicit cost is the opportunity cost of starting the own business i.e. the income which could have been earned by working elsewhere.

• Calculate the economic and accounting profit in the given case

  So, Explicit cost=wages and salary cost+interest paid+raw material cost+other payments Explicit cost=400000+10000+50000+20000=$480000 Implicit cost includes opportunity costs.

• Microeconomics: Variable, Fixed, Explicit and Implicit costs

  Then, identify that same costs as being an explicit cost or an implicit cost. Give the rationale for each of your answers.

• distinguish between explicit & implicit costs

  3- distinguish between explicit & implicit costs, giving example of each. What are the explicit & implicit costs of attending college?? Why does the economist classify normal profit as a cost??

• explicit cost or an implicit cost

  Its also an explicit cost. Rent of the electricity meter is fixed and the rest of the cost is variable. This solution assesses the examples as explicit costs or implicit costs.

• Calculating the accounting and economic costs

  Labor Cost = $400 Equipment = $300 Material = $100 Total explicit costs = Labor Cost + Equipment + Material = 400 + 300 + 100 = $800 Now we calculate implicit costs.

• Comparison of Accounting & Economic Profits

  This means that an economic profit is computed by deducting all implicit and explicit costs of doing business from total revenues.