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Distinguish between explicit cost and implicit …

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Distinguish between explicit cost and implicit cost.

Posted by Sumit Bisht 4 years, 5 months ago

CBSE > Class 11 > Economics

1 answers

Sia ? 4 years, 5 months ago

BASIS FOR COMPARISON	EXPLICIT COST	IMPLICIT COST
Meaning	The costs which involve outflow of cash due to the use of factors of production is known as Explicit Cost.	The costs in which there is no cash outlay, is known as Implicit Cost.
Alternatively known as	Out-of-pocket Costs	Imputed Costs
Occurrence	Actual	Implied
Recording and Reporting	Yes	No
Estimation of Cost	Objective	Subjective
Which profit can be calculated with the help of cost?	Accounting Profit and Economic Profit	Economic Profit
Example	Salaries, rent, advertisement, wages, etc.	Interest on owner's capital, Salary to owner, rent of owner's building, etc. which do not occur in reality.

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