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There is almost an implicit assumption that tutors know about these things.

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14y ago
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14y ago

One classical example of implicit cost is the owner of a company putting his time and effort in maintaining the company rather than looking out for growth opportunities.

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Q: Example of implicit cost
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Are depreciation charges implicit cost?

yes, depreciation is an implicit cost. but this implicit cost is added to total costs in calculating accounting profits.


Why are costs important in economics?

How do firms incorporate opportunity cost to calculate economic cost? discuss and give example using an explicit economic cost and an implicit economic cost.


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Because opportunity cost doesn't show up as an accounting expense.


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Difference between imputed and implicit cost?

According to the "Bible" for accounting terminology, Barron's Dictionary of Accounting Terms, 5th Edition, they are the same. In fact, when you look up implicit cost, it refers you to imputed cost. This is the definition of imputed cost: "A cost that is implied but not reflected in the financial reports of the firm: also called implicit cost. Imputed costs consist of opportunity costs of time and capital that the manage has invested in producing the given quantity of production and the opportunity costs of making a particular choice among the alternatives being considered."


What is an example of implicit culture?

An example of implicit culture is the unwritten rule in a workplace to avoid discussing certain topics with upper management, even if they are important. This unspoken understanding influences behavior and communication within the organization.