An implicit cost is present but it is not initially shown or reported as a separate cost. Definition of Explicit Cost An explicit cost is a cost that is present and it is clearly shown or reported as a separate cost. Examples of Implicit Costs and Explicit Costs Let’s assume that a...
In psychology and the study of memory, the wordsimplicitandexplicitare used to describe two different kinds of memory.Explicit memoryrefers to information that takes effort to remember—the kind we need to think hard about to dig out of our memory bank.Implicit memory, on the other hand, refe...
Since the economic cost is more extensive and richer than the accounting cost, we should not take account of the accounting cost in making the decision, but also consider the economic cost. Only by achieving the cost advantage in the management of explicit and implicit costs can enterprises gain...
Explain the difference between implicit and explicit costs. Give two examples of when an explicit cost is different from an implicit cost? Are variable costs always relevant costs? Explain. (a) Explain thoroughly what each of the six cost variances mean and ...
Define explicit costs and implicit costs. Give two examples of each. How do they relate to economic profit? 1. For profit hospitals are assumed to maximize profits, while non-profit hospitals may maximize quantity instead. Discuss the difference between these two approaches. 2. Explain how prospe...
In stimuli where both male and female sexual characteristics are present (e.g., narrow hips, body hair, breast, and vulva), we assume that the pleasantness of the image shown as a stimulus could be influenced by implicit (Kanamori et al., 2020) and explicit (Hill & Willoughby, 2005) ...
Economic and accounting profit differences By now, you’ve probably noticed a few key differences between economic profit versus accounting profit. Let’s recap those differences, and go over a few others, shall we? Economic and accounting profit differ when it comes to: Implicit vs. explicit c...
Answer to: The difference between accounting profit and economic profit is: a) explicit costs. b) implicit costs. c) total revenue. d) marginal...
What Is the Difference Between Zero Accounting Profit and Zero Economic Profit? Zero economic profit is also known as normal profit. Like economic profit, this figure also accounts for explicit and implicit costs. When a company makes a normal profit, its costs are equal to its revenue...
Because ETFs can be traded throughout the day, they appeal to a broad segment of the investing public, including active and passive investors. Passive retail investors often choose index funds for their simplicity and low cost. Typically, the choice between ETFs and index mutual funds comes down...