Explicit Costs and Implicit Costs Assignment | Homework For You
November 22nd, 2019
Economists consider both explicit costs and implicit costs when measuring economic profit. The reason they consider implicit costs is that Group of answer choices a business must cover its opportunity costs as well as its out-of-pocket expenses to be truly profitable.
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most businesses forget to pay their implicit costs.
implicit costs include expenses like taxes and fees to the government.
they are more conservative than accountants, who consider only accounting costs.
implicit costs are typically far larger than explicit costs. Get Business Law homework help today