An individual is both the owner and the manager of a shop taken on rent. Identify implicit cost and explicit cost from the information.

Nikita Chetry
Latest Answer: 1 year ago
In: Commerce

An individual is both the owner and the manager of a shop taken on rent. Identify implicit cost and explicit cost from the information.

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1 Answers

Answered By Anita Sahani
Answer: 1 year ago

(i) The salary of the manager is an implicit cost.(ii) Rent of the shop is an explicit cost.

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