Implicit costs and economic profit
I swear it has taken me like 6hrs to do one problem and I have done a ton of them trying to figure out implicit costs. For some reason I can only find explicit cost could someone please help me (in detail) understand my book doesn’t give any examples just the definition.
The questions are or are similar to this:
Bob used to sell real estate and earn $25,000 a year, but he now sells are supplies.
The return to entrepreneurship in the art supplies industry is $12,000 a year.
Over the years, Bob bought $9,000 worth of supplies from manufacturers of art supplies. He sold supplies for $48,000
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