Question

what is explicit and implicit cost?
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Answer 1

Explicit Cost and Implicit Cost. ... Explicit Cost refers to the one paid to the factors outside the firm. Conversely, Implicit Cost are the one that arise from using the asset rather than renting it out.

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Answer 2

Answer:

Difference Between Explicit Cost and Implicit Cost. ... Explicit Cost refers to the one paid to the factors outside the firm. Conversely, Implicit Cost are the one that arise from using the asset rather than renting it out.