A farmer takes a farm on rent and carries on farming with the help of family members. Identify explicit cost and implicit cost from this information.

Nikita Chetry
Latest Answer: 2 weeks ago
In: Commerce

A farmer takes a farm on rent and carries on farming with the help of family members. Identify explicit cost and implicit cost from this information.

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1 Answers

Answered By Anita Sahani
Answer: 2 weeks ago

(i) Rent of the farm will be an explicit cost as it is the factor payment made to the owner of land in money.(ii) Wages of the farmer and his family will be implicit costs as they would have got wages... Read More

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