Which Of The Following Is An Implicit Cost Of Production

She also incurs a fixed cost of 120 per day. Implicit costs occur when the company uses resources belonging to the owner such as capital and inventory.

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Rent that could have been earned on a building owned and used by the firm.

Which of the following is an implicit cost of production. An implicit cost is any cost that has already occurred but is not necessarily shown or reported as a separate expense. Which of the following is an implicit cost of production. Wages paid to labor plus the cost of carrying benefits for workers c.

The explicit costs would include travel expenses the cost of a hotel room. For example an employee could take a vacation and travel. Vipsana pays her employees 60 per day.

As the name implies implicit costs do not represent real expenses but are considered as a form of the opportunity cost for utilization of a company s assets or resources in general. The costs associated with an action s tradeoff. Explicit costs occur when the company pays for the usage of its factors of production.

Which of the following is an implicit cost of production. Implicit cost is the opportunity cost which is incurred when the entity uses the owner s resources like capital inventory etc. Vipsana s gyros house sells gyros.

Explicit cost vs implicit cost. It is related to explicit costs which represent the actual costs of an activity and represents a cost that is not recorded but instead implied. The following are the major differences between explicit cost and implicit cost.

It represents an opportunity cost that arises when a company. The following are the differences between explicit cost and implicit cost. Interest paid on a loan to a bank b.

Rent that could have been earned on a building owned and used by the firm. For instance if a company sets up a production plant on its own land by implication it did not earn any possible rent on the same property it could if it were. The utility bill paid to water electricity and natural gas companies d.

Explicit cost is incurred when the entity has to pay for the utilisation of factors of production. The cost of ingredients pita meat spices etc to make a gyro is 2 00.

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