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Are taxes an explicit cost

Updated: 9/22/2023
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Q: Are taxes an explicit cost
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Why accounting profit is higher than economic profit?

First of all, we need to understand what is explicit cost and implicit cost. Explicit cost mean real expenses, while implicit cost mean opportunity cost. In accounting profit, we only minus explicit cost, while in economic profit we minus explicit cost and implicit cost. therefore accounting profit is higher than economic profit.


1 Explicit cost and Implicit cost are the two dimensions of cost What role does cost play in financial decisions?

Explicit cost and Implicit cost are the two dimensions of cost What role does cost play in financial decisions?


What is explicit costs?

explicit environment cost include the direct cost of modifying technology and processes, costs of clean up, disposal costs, fines by govt. agencies etc.


What is explicit environmental costs?

explicit environment cost include the direct cost of modifying technology and processes, costs of clean up, disposal costs, fines by govt. agencies etc.


When changes to taxes and spending occur in the economy without explicit action by the federal government such policy is?

discretionary


Are indirect taxes?

Indirect taxes are a form of cost that goes into the final cost of the end product. Direct taxes paid would be sales taxes and such, but indirect taxes would be taxes paid by the manufacturer of goods that ultimately goes into the cost of goods sold.


How do you find explicit cost?

Explicit cost is how much something costs to buy or to run. This is the cost only, with nothing else added. To find that cost, simply look up how much the product costs.


What are indirect taxes?

Indirect taxes are a form of cost that goes into the final cost of the end product. Direct taxes paid would be sales taxes and such, but indirect taxes would be taxes paid by the manufacturer of goods that ultimately goes into the cost of goods sold.


Is property taxes a variable cost?

no....its a fixed cost


How much does Super Mario Strikers cost?

$19.99 + Taxes. It should cost from around 20-25 bucks with taxes.


How much does Mario Strikers Charged cost?

$19.99 + Taxes. It should cost from around 20-25 bucks with taxes.


Why are costs important in economics?

How do firms incorporate opportunity cost to calculate economic cost? discuss and give example using an explicit economic cost and an implicit economic cost.