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 : Marginal resource cost to hiring Hulk

    Hulk counsels five clients at a time within exercise groups at Beefcake Body Builders. Hulk hourly wage is $17, and also Beefcake charges Hulk’s clients $20 for every hour-long fitness session. When fitness counselors are hired from competitive labor mar

  • Q : States the term Demand Analysis States

    States the term Demand Analysis?

  • Q : Explain Exceptional Demand Curve

    Explain Exceptional Demand Curve.

  • Q : Explain the term business cycle in brief

    Explain the term business cycle in brief.

  • Q : Wage Flexibility An assumption

    An assumption regarding purely competitive labor markets to make sure market clearing is which: (w) firms maximize profit. (x) individuals and households maximize utility. (y) wages and prices are flexible. (z) trade unions engage in collective bargai

  • Q : Labor and Revenue in Purely Competitive

    Short run total revenue of the purely competitive firm would be at a maximum along with: (1) 600 workers. (2) 700 workers. (3) 800 workers. (4) 900 workers (5) 1000 workers.

    Q : Higher rates of unemployment Higher

    Higher rates of unemployment in between nurses, clerical workers and teachers are a likely consequence when a government policy is adopted based on the doctrine of: (1) comparable worth. (2) equal marginal productivity per dollar. (3) equal pay for eq

  • Q : Illustrates fundamental characters of

    Illustrates the fundamental characters of human existence given by Lionel Robbins?

  • Q : Adjust inputs of labor other resources

    Firms adjust their inputs of labor or other resources till: (w) revenue is maximized. (x) employment is maximized. (y) marginal product of labor is maximized. (z) profit is maximized. Please choose the right answer

  • Q : Merits and demerits of Scarcity

    What are the merits and demerits of Scarcity Definition of economics?

©TutorsGlobe All rights reserved 2022-2023.