Explain the difference between implicit and explicit costs

1 answer:

5 0

Explicit costs are reported in business documents. They are also known as direct costs. Explicit costs result in tangible assets for the company. Some examples are: rent, wages, maintenance. Explicit costs are easier to identify and account for because they leave a paper trail.

Implicit costs can be described as opportunity costs. Implicit costs deal with intangibles and do not leave a paper record. Implicit costs can be time or wasted opportunities, for example. An implicit cost is simply the loss of a possible benefit or asset that didn't occur.

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Amount of dividends per share to be received each year

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The size of the sample that must be used is 264. The correct sample size is 264. Read below about how to arrive at the sample size.

<h3>What is the sample size that must be used?</h3>

p′ = x / n where x represents the number of successes and n represents the sample size. The variable p′ is the sample proportion and serves as the point estimate for the true population proportion.

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p= 30/10 x 88 = 264

Therefore, the correct answer is 264.

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Does Audit services needed in Auchi polytechnic student union government? If yes,why

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Audit services is one that is needed in Auchi polytechnic student union government to know if the student body use the money allocated to them in the right manner or for the right project.

<h3>What is the student union?</h3>

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It is known to be a body that is autonomous and one whose internal life set up its own by-laws.

Note that the student unions are often allocated funds by the university or polytechnic and as such they have to use the audit service because some of their leaders may squander the money given to them., So this will help to checkmate them.

Hence, Audit services is one that is needed in Auchi polytechnic student union government to know if the student body use the money allocated to them in the right manner or for the right project.

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Suppose the local market for legal services has an upward sloping supply curve, PL = 150 +0.0001QL where PL is the price of lega

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The aggregate rent is the surplus earned by the lawyers for operating over their cost at this market equilibrium.

In the picture attached, the rent is showed graphically.