the difference between implicit and explicit costs. Give two examples of when an explicit cost is different from an implicit cost Explicit costs are actual costs incurred by the company during production. They are also named accounting costs or direct costs. An explicit cost happens on purpose and has a direct impact on the company and its revenue. Some examples would be rent, insurance, wages, maintenance, materials. Since they leave a paper trail they are easy to be recognized. Implicit costs
1. Explain the difference between implicit and explicit costs. Give two examples of when an explicit cost is different from an implicit cost. Explicit Costs cover all expenses connected with production and the daily operation of a business. Explicit Costs are the costs being released from the business in order to keep it functional. These costs include factors of production such as land, labor, capital, etc. These would be categorized as rent, salary, material, wages, and other expenses like electricity
Because opportunity cost is one of the most fundamental concepts in economics, it is also called economic cost (Economic cost, n.d.). Opportunity cost can also be represented as the sum of explicit costs and implicit costs. Explicit cost is the monetary expense that is easily identified (Explicit cost, n.d.). If a student decides to attend university, for example, the explicit cost is the costs of tuition, textbooks, and possibly a dorm room. On the other hand, implicit cost is the lost opportunity
interest. The type of followership Susan Kim is following is implicit followership. Implicit followership is a situation where a leader gives instructions to follower to perform an unethical act, rather than straight away performing that task the follower will initially consider the cost and benefits analysis of compliance and resistance of leader’s unethical request. Even in the case study, we can see Susan having the characteristic of implicit followership, as she was quite observant when Mr. Moon was
substance abuse, and teen pregnancy, their designs preclude assessment of whether associations are a cause or consequence of ARA (Exner-Cortens, Eckenrode, & Rothman, 2013). Given the important distinction between cause and consequence, we herein highlight those studies that make note of this difference even if they are unable to determine causality. [this could also be a footnote…] Using longitudinal data from the National Longitudinal Study of Adolescent Health, one study found that ARA among heterosexual
One of the key differences of EVA is that it takes into account all the costs of doing business: actual (explicit) and alternative (implicit) costs. Thus, it allows investors to compare the profitability, earned by capital of the company with the opportunity cost of investing their funds. Knowing all costs makes it possible to correctly estimate the fundamental value of the company whose growth is actually a main goal of any corporate strategy. The mechanisms to reward executives of the company
Set It Off (1996, New Line Cinema) is a gangster movie that manipulates the patterns of classical gangster films to provide an alternative to the usual experience by introducing a difference in gender and race. Set It Off reflects an ironic, postmodern stance toward crime by reintroducing traditional and classical elements of genre style, while responding to a different social context by combining sexual, racial, social, and psychological elements with its representation of crime. Traditionally
REASONS GENDER PAY GAP STILL EXIST IN THE TWENTY-FIRST CENTURY WORKPLACE INTRODUCTION Gender pay gap is the difference between women and men’s earnings, expressed as a percentage of men’s earnings ("What is the gender pay gap?” 2017). Discrimination is one of the reasons that the gap still exist in the workplace in Malaysia (Siew & Johnes, 2012; Othman & Othman, 2015). Discrimination can be in different forms like in hiring, promotion, job assignment, termination and compensation (Othman & Othman
Shakespeare’s Hamlet exposes the tragic inevitability of death and the implicit loss of personal identity. In such a meaningless world it may seem like individuals have no genuine choice and thus struggle with some internal conflict of the mind. Hamlet’s own dilemma reflects this struggle, as he is torn between duty to his father and duty to conventional Elizabethan morality and selfhood. Shakespeare ultimately concludes that familial obligation is, in itself, ‘conventional morality’, and therefore
have a look at basic concepts of economics. The law of supply and demand establishes the relationship between price, supply and demand curve. According to the law, price and quantity demanded (Qd) are inversely related while price and quantity supplied(Qs) is directly proportional. The concept of marginal revenue and cost is also important to understand the concept of price discrimination. Marginal cost has been defined as “the rate of increase of expense with respect to production” (Muir,1958, p. 98)