5. Suppose that a firm produces 200,000 units a year and sells them all for $10 each. The explicit costs of production are $1,500,000 and the implicit costs of production are $300,000. The firm has an accounting profit of: Show A) $500,000 and an economic profit of $200,000. B) $400,000 and an economic profit of $200,000. C) $300,000 and an economic profit of $400,000. D) $200,000 and an economic profit of $500,000. Recommended textbook solutions
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Statistical Techniques in Business and Economics15th EditionDouglas A. Lind, Samuel A. Wathen, William G. Marchal 1,236 solutions Which would be an implicit cost for a firm the cost?An implicit cost is any cost that has already occurred but not necessarily shown or reported as a separate expense. It represents an opportunity cost that arises when a company uses internal resources toward a project without any explicit compensation for the utilization of resources.
What is an implicit cost quizlet?What are implicit costs? Implicit costs are the opportunity costs of production that do not require a monetary payment.
What is implicit cost in cost accounting?The main difference between the two types of costs is that implicit costs are the cost of opportunity. In contrast, explicit expenses are expenses paid with the proper tangible assets of a company. That makes implicit prices synonymous with imputed values, while explicit costs are considered to be out-of-pocket costs.
What is implicit cost in economics with example?Implicit cost example
To help pay for startup expenses, you decide not to take a salary for the first two years. Your salary would have been $60,000 per year. Because you did not receive a salary for two years, your implicit cost for your decision is $120,000 ($60,000 X 2).
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Which would be an implicit cost for a firm the cost Quizlet
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