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.
Increasing the wage rate increases total wages received through workers when the demand for labor is: (w) relatively elastic. (x) relatively inelastic. (y) unitarily elastic. (z) perfectly elastic.
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