Question

explain the explicit and implicit cost​

Answer 1

The main difference between the two types of costs is that implicit costs are opportunity costs, while explicit costs are expenses paid with a company's own tangible assets. ... Implicit costs help managers calculate overall economic profit, while explicit costs are used to calculate accounting profit and economic profit

Answer 2

Answer:

The main difference between the two types of costs is that implicit costs are opportunity costs.

while explicit costs are expenses paid with a company's own tangible assets.

Implicit costs help managers calculate overall economic profit

while explicit costs are used to calculate accounting profit and economic profit.

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