,wages, materials, etc. An explicit cost can be recurring, or it can be a one-off expense. Likewise, it can be predictable, like therent, or it can vary from time to time, like the electric bill. Less commonly, an explicit cost is called an outlay cost. See also:Implicit cost....
What is money cost in economics? What does predatory pricing involve? What are punitive damages? What is the definition of marginal cost? What is an example of marginal cost? What is a due diligence fee? What is the law of increasing costs?
a company might close a store for a day in order to clean it. While this closure may not cost the company money as it is recorded on a balance sheet, it does have animplicitcost: lost sales. As another example, a business may have...
Total Cost | Definition, Formula & Calculation from Chapter 3 / Lesson 16 549K What is total cost in economics? Learn how to calculate total cost using the total cost formula. See the definitions of total fixed cost and total variable cost. Related...
Profit for a Firm: The profit for a firm may be determined from the perspective of an accountant or economist. The costs are usually categorized into explicit costs and implicit costs to calculate the economic profit and accounting profit. ...
Cost-benefit analysis of urban highway pricing and investment: An explicit expenditure function approach : by Timothy Doe-Kwong Hau, Department of Economics, University of California, Davis CA 95616, 1981. (Dissertation in the Department of Economics, University of California, Berkeley, CA 94720 ...
Answer to: When an action is chosen, the highest-valued alternative not chosen is called the: A. accounting cost. B. opportunity cost. C. implicit...
Explicit cost is the written cost incurred by a firm during the production process, the implicit cost is the... See full answer below. Learn more about this topic: Multiple Costing: Definition & Calculation from Chapter 2/ Lesson 9