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Day 59
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Ayussh Sanghi is teaching live on Unacademy Plus

Ayussh Sanghi
Passionate Educator - CSE / Other Govt Exams [Peep into my Unacademy Plus Courses & experience awesome learning.]

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U
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Ww
maam plz explain explicit and implicit costs
Madhuri
a year ago
Sorry, you have asked this question previously as well, but I somehow skipped it by mistake. Look explicit cost is what can be seen and is incurred explicitly, like salaries or purchases expenses... but implicit cost is not paid explicitly, e.g. if an employer is using his own building in business, he won't be getting any rent. But if he would have taken building on rent, he would have to pay for it. or if he would have provided his building to someone, he would have earned interest. This is implicit cost. in short, implicit cost is the cost of resources of owner.
Ww
Wonder woman
a year ago
got it 👍🏻
Madhuri
a year ago
Good :)