Difference between Implicit Cost and Explicit …
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Posted by Smidhi Mehra 6 years, 2 months ago
- 2 answers
Parul Jain 6 years, 1 month ago
implied cost, or notional cost, is the opportunity cost 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 direct
An explicit cost is a direct payment made to others in the course of running a business, such as wage, rent and materials, as opposed to implicit costs, where no actual payment is made.
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Nida Anjum 6 years, 1 month ago
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