Question

what is explicit and implicit cost

Answer 1

EXPLICIT COST
It refers to actual money expenditure of a firm on purchasing good and or hiring factor services and non-factor inputs like raw materials ,electricity, fuel etc
In other words explicit cost are those cash payment which firm make to outsider for good and services.
IMPLICIT COST
Implicit cost are imputed or estimated value of input supplied by owner of the firm himself.
it's self supplied factors of production which are not recorded in firm's account book.

If you like don't mark BRAINLIEST!

Answer 2

Bhai kha baat KR ka iraada h tum sb ka ba