Question

what is inplicit and explicit cost

Answer 1

In economics, an implicit cost, also called an imputed cost, implied cost, or notional cost, is the opportunitycost equal to what a firm must give up in order to use a factor of production for which it already owns and thus does not pay rent. It is the opposite of an explicit cost, which is borne directly.

Answer 2

implicit cost - it is the

opportunity cost of using ➡self owned inputs.....

explicit cost -it is the

opportunity cost of purchasing inputs from markets...

hope it's help u