economics10

May 20th, 2015
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A. T. Still University
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Explicit costs that you have to pay out side of your company. These include rent, electricity outside work forces. Taking college as an example would be a computer, books and tution fees. Implicts costs are basically the opportunity costs that are lost s a result of your effort. The foregone costs that such as loss of earnings.

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Week 2 Class Session 4Opening: the professor opening remarks concerned setting up the audio and referencing the midterm exam.Chapter 9Explicit costs that you have to pay out side of your company. These include rent, electricity outside work forces. Taking college as an example would be a computer, books and tution fees.Implicts costs are basically the opportunity costs that are lost s a result of your effort. The foregone costs that such as loss of earnings.Accounting cost versus economic costs were another type of costs that was covered in the class/Accounting costs = explicit costsEconomic cost =implicit costs + explicit costsTotal revenue equals price x quantityThe professor gave is a number of formulas such as.To get Accounting profit extract the explicit costs from the revenue.To calculate economic profit , subtract both the explicit and implicit costs gtom the tot

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