what is meant by implicit cost
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An implicit cost is any cost that has already occurred but is not necessarily shown or reported as a separate expense. It represents an opportunity cost that arises when a company allocates internal resources toward a project without any explicit compensation for the utilization of resources.
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Implicit Cost
★ It is not actual money expenditure but it is a cost of factors owned by the firm and it is used by the firm in its production process.
★ It is the receipt concept.
★ Example:- Wages of self labour and rent for owned premises act.
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