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Explain and give an example the difference between an explicit cost and an implicit cost.


Explain and give an example the difference between Accounting Profit and Economic Profit.


Explain and give an example the meaning of zero economic profit.

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Answer:

Explicit costs are out-of-pocket costs for a firm

for example, payments for wages and salaries, rent, or materials. Implicit costs are the opportunity cost of resources already owned by the firm and used in business

for example, expanding a factory onto land already owned.

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