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Explicit Implicit Answer Bank maintenance work to keep the custle in compliance with local safety regulations food for the restaurants in the castle salaries puid to the desk clerks property taxes for the custle puid to the county government lost revenue that could huve been carned if the custle was turned into a muscum the interest investment firms gave up curning on the money used to restore Dromoland castle

Explicit Implicit Answer Bank maintenance work to keep the custle in compliance with local safety regulations food for the restaurants in the castle salaries puid to the desk clerks property taxes for the custle puid to the county government lost revenue that could huve been carned if the custle was turned into a muscum the interest investment firms gave up curning on the money used to restore Dromoland castle

ENGR.ECONOMIC ANALYSIS
ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN:9780190931919
Author:NEWNAN
Publisher:NEWNAN
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Production and Costs: Around the World Dromoland is a 16th-century castle turned luxury hotel in Ireland. Classify each expense for Dromoland castle as an explicit or an implicit cost. Explicit Implicit Answer Bank maintenance work to keep the castle in compliance with local safety regulations food for the restaurants in the castle salaries paid to the desk clerks property taxes for the castle paid to the county government lost revenue that could have been earned if the castle was turned into a muscum the interest investment firms gave up carning on the money used to restore Dromoland castle
Transcribed Image Text:Production and Costs: Around the World Dromoland is a 16th-century castle turned luxury hotel in Ireland. Classify each expense for Dromoland castle as an explicit or an implicit cost. Explicit Implicit Answer Bank maintenance work to keep the castle in compliance with local safety regulations food for the restaurants in the castle salaries paid to the desk clerks property taxes for the castle paid to the county government lost revenue that could have been earned if the castle was turned into a muscum the interest investment firms gave up carning on the money used to restore Dromoland castle
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