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Q: What are the example explicit and implicit costs?
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Describe the differences between implicit costs and explicit costs?

Explicit costs are those that are a result of a product. Implicit costs are costs that are associated with a product, but they can't be directly linked to the product.


What are implicit and explicit?

Explicit costs are payments the firm makes for inputs such as wages and salaries to its employees, whereas implicit costs are non-expenditure costs that occur through the use of self owned resources such as foregone income.


The sum of the explicit and implicit costs incurred in the production process is called?

Fixed


The explicit costs of going to college include?

Tuition costs and the cost of books, whereas the implicit costs include foregone income.


What is the difference between explicit and implicit?

explicit is clearly stated and implicit is not clearly stated


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.


Is the information that Blake is tired explicit or implicit?

implicit


Is the information that Clarissa is happy explicit or implicit?

explicit


What is the definition of explicit attitudes?

An implicit attitude is a stereotype that is thought out unconsciously or uncontrollably.


What is the opposite of implicit?

The opposite of implicit (implied) is explicit (directly expressed).


Use the word implicit in a sentence?

I would like to think that ethial behavior is implicit ,but find that most children must be clearly instructed in the rules of proper behavior.


What are the of implicit and explicit paragraph?

An explicit paragraph leaves no uncertain terms of information. An implicit paragraph provides a point that is less clear.