ECON MICRO (with ECON MICRO Online, 1 term (6 months) Printed Access Card) (New, Engaging Titles from 4LTR Press)
5th Edition
ISBN: 9781305631946
Author: William A. McEachern
Publisher: Cengage Learning
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Chapter 7, Problem 1.2P
To determine
To Determine: The explicit or implicit cost in each case.
Concept Introduction:
A direct payment made to others in the course of running a business is called explicit cost. The cost that has already occurred but is not necessarily shown or reported as a separate expense is called implicit cost.
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Chapter 7 Solutions
ECON MICRO (with ECON MICRO Online, 1 term (6 months) Printed Access Card) (New, Engaging Titles from 4LTR Press)
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