--%>
Assignment Help - homework help

What are differences between differential and explicit cost

What are the differences between differential cost and explicit cost?

E

Expert

Verified

Differential Cost:

This refers to the change in cost because of change in the level of activity or method of production or pattern of production.

Explicit Cost:

These costs are those costs that are really paid (or paid in cash.). all they are paid out costs.

   Related Questions in Managerial Economics

  • Q : What is social cost of production What

    What is social cost of production?

    		•
  • Q : Explain the meaning of business cost

    Explain the meaning of business cost.

    		•
  • Q : What are the characteristics of a

    What are the characteristics of a business cycle?

    		•
  • Q : Technology advances in Economic Growth

    Can someone help me in finding out the right answer from the given options. The production possibilities frontier enlarges if: (i) The economy approaches full and proficient employment. (ii) Technology progress. (iii) Society's net demand for output i

    		•
  • Q : Equilibrium prices and quantities

    French toast and pancakes and both are close substitutes. Assume that good weather yields a bumper crop of pancakes and decreases the price of pancakes. Into the market for French toast: (1) equilibrium price and quantity both increase.(2) competition increases the su

    		•
  • Q : Saving of production costs attributable

    The rental value of a high quality piece of agricultural land timely era is: (w) negatively associated to the price of agricultural output this could produce. (x) unrelated to the costs of its cultivation. (y) equal to the saving of production costs a

    		•
  • Q : States the Welfare Definition in

    States the Welfare Definition in economics?

    		•
  • Q : Recession - Phases of business cycle

    Describe about the term Boom in phases of business cycle.

    		•
  • Q : Illustrations of investments in human

    Illustrations of investments in human capital would comprise: (1) freeing slaves at the conclusion of the Civil War. (2) betting on the outcome of a professional wrestling match. (3) need people to pass a test on the U.S. Constitution before permittin

    		•
  • Q : Diminishing Returns in Marginal Revenue

    When a firm is experiencing diminishing returns as: (w) the marginal product of labor rises as more labor is hired. (x) the marginal revenue product of labor falls as more is hired. (y) the marginal resource cost of labor will be declining. (z) this w

    		•