States the implicit cost concept briefly
States the implicit cost concept briefly.
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Implicit Cost: These costs are those costs that are not paid in cash to anyone. Implicit costs are not actually incurred, although are computed for decision-making purpose. Such are the costs that the entrepreneur pays to himself. For illustration, rent charged upon owned premises, interest on owned capital and wages of entrepreneur. This cost is also termed as imputed cost or hypothetical cost.
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Suppose that the auto market started at the intersection of D0S0, and in that case automakers opened foreign assembly plants after discovering which competent foreign employees worked for minor wages. How would it influence the auto market?: (
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