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Economics for Today 9th Edition by Irvin Tucker
Edition 9ISBN: 978-1305507111Economics for Today 9th Edition by Irvin Tucker
Edition 9ISBN: 978-1305507111 Exercise 1
Indicate whether each of the following is an explicit cost or an implicit cost
A) A manager's salary.
B) Payments to Dell for computers.
C) A salary forgone by the owner of a firm by operating his or her own company.
D) Interest forgone on a loan an owner makes to his or her own company.
E) Medical insurance payments a company makes for its employees.
F) Income forgone while going to college.
A) A manager's salary.
B) Payments to Dell for computers.
C) A salary forgone by the owner of a firm by operating his or her own company.
D) Interest forgone on a loan an owner makes to his or her own company.
E) Medical insurance payments a company makes for its employees.
F) Income forgone while going to college.
Explanation
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Implicit cost is the cost paid to the ow...
Economics for Today 9th Edition by Irvin Tucker
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