Total Production cost–Includes the true economic costs of production(The sum of explicit and implicit costs).Economic costs of production not only include accounting costs but also the opportunity costs of producingeachunit of output. Accounting costs are the explicit costs that appear on the income...
In finance and economics,implicitandexplicitare used in the termsimplicit costsandexplicitcosts. Of the two,explicitcostsare easier to understand. These arecostsexpressly documented as such by a company.Explicitcostsinclude things like employee salaries, repairs, utility bills, debt payments, land purch...
Cost can be divided into many categories on the basis of many things. Usually, cost is divided into two categories – implicit cost and explicit cost. Definition of implicit cost Implicit cost in economics, means the opportunity cost that is equal to what that has to be given up by a firm...
Explicit Cost Meaning Explicit costs are the culmination of all direct and indirect expenses recorded in a company’s ledger. It includes expenses that impact the profitability of a business—raw material, wages, rent, administrative charges, and sales expenses. They are mentioned in the financial...
Answer and Explanation: Implicit costs, otherwise known as implied costs, are expenses that are not easy to quantify as they do not involve the explicit compensation for the... Learn more about this topic: Implicit Cost Definition, Types & Examples ...
Answer to: The difference between accounting profit and economic profit is: a) explicit costs. b) implicit costs. c) total revenue. d) marginal...
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. Answer and Explanation:1 ...
There were many reasons for this, but I believe an important factor was the explicit andimplicitoppression of the Hong Kong people by British colonial policies, which angered the parents who, in turn, sent their children to the Chinese schools. ...
The explicit tax plus the implicit tax equals the total tax burden faced by the firm.; This study had two primary objectives. The first objective was to estimate the amount of a firm's implicit tax based on the model developed by Scholes and Wolfson (1992). The second objective was to ...
Department of Economics, University of YorkLabourBhargava, S. and T. Jenkinson (1995): Explicit versus Implicit Profit Sharing and the Determination of Wages: Microeconomic Evidence from the UK, Labour 9, 73-95.Bhargava, S. and T. Jenkinson, 1995, Explicit versus Implicit Profit Sharing and ...