1.) “Implicit costs represent the opportunity cost of using resources already owned by the firm while explicit costs are out of pocket a cost that is payments that are actually made” (Open Stax, Rice University, chap 7.1). Differences between Implicit Cost and Explicit Costs: - Implicit costs occur indirectly making its measurement subjective while explicit costs are objective in nature because it is actually incurred. - With implicit costs, it is not reported or recorded to management whilst
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
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
there is a difference between the effects of the availability of internal funds and equity capital. In general, managers use internal funds for unrelated diversification. However, dependent on the type of risk and the economic environment a company is facing, internal funds may be used for related diversification as
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)
GIS has been improved its functionalities to respond the market requirements. It means that GIS industry has modified GIS capabilities to accept by businesses. One example of these improvements is the “address matching” techniques which is very useful for spatial analysis and mapping in addition a large amount of attribute data linked to customer sales records can be handled by this method. Another example of GIS improvement is the inclusion in software packages which were used to solve the location
Bolt pre-tension analysis and Structural static & explicit analysis of Rotor disc brake assembly A Project Work submitted to Visvesvaraya Technological University In partial fulfilment of the requirements for the award of degree of Bachelor of Engineering in Mechanical Engineering Submitted by BASAVANTAPPA.D.H 1KG13MEA01 Under the Guidance of Dr.Shailesh Rao A Mrs.Saumiya Abraham Professor and Head Asst. Professor Department of Mechanical Engineering Department of Mechanical Engineering
political office is perceived as a predominantly masculine occupation (Bligh & Kohles, as cited by Morton 2013). As cited by Giraldo (2016), Eagly and Karau (2002) explained that prejudicial biases exist towards female leaders due to an incongruity between societal expectations of gender roles for women with those of leadership roles. In other words, the roles considered “appropriate” for women are not roles in which leadership as a behavior or trait is generally required for success; and, when roles
TITLE: ISSUES IN PUBLIC ADMINISTRATION (PAHS 742) SEMINAR QUESTION What is public management? Is it a genuinely new area of academic inquiry, or is it merely an old subject that is being dusted off and recycled? Explain carefully the relationship between the research field of “public administration” and that of “public management”. Is the latter a synonym for the former? Is it a particular kind of specialization within public administration? Does it designate a coherent theoretical and / or methodological