Question

Define Implicit Cost ​

Answer 1

Implicit costs are imputed costs of self-owned and self-employed resources.

Example:

• (i) Interest on entrepreneur's own capital.

• (ii) Rent on entrepreneur's own land used in business.

Answer 2

Answer:

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Implicit Cost is the esteemed value of the inputs supplied by the owners including normal profit .

ƒσя єχαмρℓє :

• Rent of own land

• Salary for the services of entrepreneur

• Interest on own capital.