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explicit environment cost include the direct cost of modifying technology and processes, costs of clean up, disposal costs, fines by govt. agencies etc.

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Blaze Welch

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Q: What is explicit costs?
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Describe the differences between implicit costs and explicit costs?

Explicit costs are those that are a result of a product. Implicit costs are costs that are associated with a product, but they can't be directly linked to the product.


The costs of a firm that are paid directly in money are called?

Explicit costs!


What is explicit environmental costs?

explicit environment cost include the direct cost of modifying technology and processes, costs of clean up, disposal costs, fines by govt. agencies etc.


What are implicit and explicit?

Explicit costs are payments the firm makes for inputs such as wages and salaries to its employees, whereas implicit costs are non-expenditure costs that occur through the use of self owned resources such as foregone income.


The explicit costs of going to college include?

Tuition costs and the cost of books, whereas the implicit costs include foregone income.


What are the example explicit and implicit costs?

kamukha mo si oding


What are the differences between economic and accounting concepts of cost?

The economic concept of cost considers both explicit costs (such as wages and materials) and implicit costs (such as opportunity costs and owner's time). Accounting concept of cost focuses mainly on explicit costs and is used for financial reporting and tax purposes.


Explicit costs are payments the firm makes for?

Inputs such as wages and salaries to its employees.


Cash expenditures a firm makes to pay for resources are called?

Explicit costs


The sum of the explicit and implicit costs incurred in the production process is called?

Fixed


True or False. Accounting profit equals sales revenue minus explicit costs?

True


How do you find explicit cost?

Explicit cost is how much something costs to buy or to run. This is the cost only, with nothing else added. To find that cost, simply look up how much the product costs.