Question

1. difference between real cost and money cost


2. What is Implicit cost? what does it include?​

Answer 1

Answer:

hi

Explanation:

1. money cost is the cost of acquiring a product or service in available cash. Real cost is the cost of the same expressed in other intangible factors in addition to cash, such as time, labour, lost opportunity, etc.

2. example of implicit cost include the loss of interest income on funds and the deprication of machinery for a chemical project.

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Answer 2

Answer:

1} Money cost is the cost of acquiring a product or service in available cash.

Real cost is the cost of the same expressed in other intangible factors, in addition to cash, such as time, labor, lost opportunity, etc.

2} 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.

The implicit costs would include travel expenses, the cost of a hotel room, and costs related to entertainment. The implicit costs relate to the tradeoff, namely the wages that the employee could have earned if the vacation was not taken.