An example of an implicit cost of production would beA.the income an entrepreneur could have earned working for someone else.B.the cost of raw materials for producing bread in a bakery.C.the cost of a delivery truck in a business that rarely makes delive
“An implicit cost is any cost that results from using an asset instead of renting it out or selling it.” Implicit costs are the opportunity costs of using resources that a company already owns. If it does or doesn’t do something, the company is giving up something else. That ‘else’...
aFor example, the time and effort that an owner puts into the maintenance of the company, rather than working on expansion, can be viewed as an implicit cost of running the business. 例如,所有者放入公司的维护的时间和努力,而不是工作在扩展,可以被观看作为经营业务的含蓄费用。[translate]...
Answer to: (a) What is a sunk cost? (b) Give an example of a sunk cost. (c) Why are such costs irrelevant in making decisions about future actions?...
10/7/2014 1 Cost and Cost Minimization Types of Costs Explicit Costs: Costs that involve a direct monetary outlay. Implicit Costs: Costs that do not involve outlays of cash. Example: money that an airline can get by renting, rather than actually using, its own plane. Opportunity Costs: The...
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aPut in correct dispensing apparatus, bag of plastic bottle 投入在正确分与的用具,袋子塑料瓶 [translate] a全球副总裁 Global vice-President [translate] aC. An implicit cost. [translate] aAgrobacterium 土壤杆菌 [translate] a焊点在电子显微镜下观察第第一、二焊点完好 The spot observes first, two ...
Using relevant examples, explain the concepts of scarcity, choice, and opportunity cost. Explain how the concepts of willingness to pay and implicit cost may be related to each other. 1. Define and give an example of income elasticity. 2. Define and give an example of cross elasticit...
000 in profit, their accounting profit would be $20,000.Economic profit, however, would add implicit costs, such as theopportunity costof $50,000, which represents the salary they would have earned if they kept their day job. As such, the business owner would have an economic loss of $3...
An economic profit is the difference between the revenue received from sales and theexplicit costsof producing its goods and services, as well as anyopportunity costs. Opportunity costs are a type ofimplicit costdetermined by management and will vary based on different scenarios and perspectives. ...