What is implicit and deficit cost?
CBSE, JEE, NEET, CUET
Question Bank, Mock Tests, Exam Papers
NCERT Solutions, Sample Papers, Notes, Videos
Posted by Madan Mohan Sharma 7 years ago
- 1 answers
Test
Related Questions
Posted by Shruti Singh 1 year, 6 months ago
- 0 answers
Posted by Naman Jain 1 year, 5 months ago
- 1 answers
Posted by Rijum Karlo 1 year, 6 months ago
- 0 answers
Posted by Mehar Ansari 1 year, 6 months ago
- 0 answers
Posted by Nandita Sharma 1 year, 6 months ago
- 1 answers
Posted by Niyati Garg 1 year, 5 months ago
- 0 answers
Posted by Dipika Sharma 1 year, 6 months ago
- 0 answers
Posted by Sakshi Singh 5 months, 2 weeks ago
- 1 answers
myCBSEguide
Trusted by 1 Crore+ Students
Test Generator
Create papers online. It's FREE.
CUET Mock Tests
75,000+ questions to practice only on myCBSEguide app
Yogita Ingle 7 years ago
Based on payment, costs are classified into two categories; they are Explicit Costs and Implicit Costs. Explicit Cost is the cost which is actually incurred by the organization, during production. On the other hand, Implicit Cost, are just opposite to the explicit cost, as the organization does not directly incur them, but they are implied in nature which does not involve a cash payment. The former is an out of pocket cost, while the latter is an opportunity 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.
1Thank You