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A producer starts a business by …

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A producer starts a business by investing his own savings and by hiring the labour. Identify and explain the concept of implicit and explicit costs from this information.

    • Posted by Ritika Kashyap 7 years, 10 months ago

    CBSE > Class 12 > Economics
    • 1 answers

    Annika Sharma 7 years, 10 months ago

    Investing his own service is a implicit cost.. Because it is a cost of using self owned inputs and this cost is called implicit cost Hiring the labour iz a explicit cost.. Beacause it is a cost of hiring input from market and this is called explicit cost

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