Info
Warning
Danger

Occupational Health and Safety, Canadian Edition

15th Edition
by David L. Goetsch, University of West Florida and Oskaloosa-Walton Eugene Ozon, Algonquin College
1035 Solutions 49 Chapters 1383 Studied ISBN: 0133450244 Computer Science 5 (1)

Chapters 9: DQ 1

DISCUSSION QUESTIONS

1. Distinguish between explicit and implicit costs, giving examples of each. What are some explicit and implicit costs of attending college?


Step-By-Step Solution

DISCUSSION QUESTIONS

1. Distinguish between explicit and implicit costs, giving examples of each. What are some explicit and implicit costs of attending college?

Answer: Explicit costs are payments the firm must make for inputs to non-owners of the firm to attract them away from other employment, for example, wages and salaries to its employees. Implicit costs are nonexpenditure costs that occur through the use of self‑owned, self‑employed resources, for example, the salary the owner of a firm forgoes by operating his or her own firm and not working for someone else.

The explicit costs of going to college are the tuition costs, the cost of books, and the extra costs of living away from home (if applicable). The implicit costs are the income forgone and the hard grind of studying (if applicable).


Unlimited Access

More than 10 Million Textbook Solutions, Q&A's, Flash Cards, Study Documents and much more for just
USD 3.95
Total: USD 3.95
*Please Enter the Email to Proceed
No obligation. Choose plans to save more.
Continue to Paypal
You will be charged USD 119.76 upfront and auto renewed at the end of each cycle. You may cancel anytime under Payment Settings. Learn more about our subscriptions.

FAQ's

Gingerbread cookie pastry halvah
Gingerbread cookie pastry halvah macaroon icing sugar plum. Tootsie roll cake chocolate. Gingerbread sugar plum chupa chups powder jelly-o oat cake cake chocolate bar. Cookie brownie chocolate. Brownie pastry bonbon lollipop sweet. Icing carrot cake sweet roll biscuit. Ice cream dragée powder.
Pastry gummies donut pastry
Gingerbread cookie pastry halvah macaroon icing sugar plum. Tootsie roll cake chocolate. Gingerbread sugar plum chupa chups powder jelly-o oat cake cake chocolate bar. Cookie brownie chocolate. Brownie pastry bonbon lollipop sweet. Icing carrot cake sweet roll biscuit. Ice cream dragée powder.
Cake gummi bears cheesecake
Gingerbread cookie pastry halvah macaroon icing sugar plum. Tootsie roll cake chocolate. Gingerbread sugar plum chupa chups powder jelly-o oat cake cake chocolate bar. Cookie brownie chocolate. Brownie pastry bonbon lollipop sweet. Icing carrot cake sweet roll biscuit. Ice cream dragée powder.
Brownie jelly-o pastry topping
Gingerbread cookie pastry halvah macaroon icing sugar plum. Tootsie roll cake chocolate. Gingerbread sugar plum chupa chups powder jelly-o oat cake cake chocolate bar. Cookie brownie chocolate. Brownie pastry bonbon lollipop sweet. Icing carrot cake sweet roll biscuit. Ice cream dragée powder.
Tootsie roll cake chocolate
Gingerbread cookie pastry halvah macaroon icing sugar plum. Tootsie roll cake chocolate. Gingerbread sugar plum chupa chups powder jelly-o oat cake cake chocolate bar. Cookie brownie chocolate. Brownie pastry bonbon lollipop sweet. Icing carrot cake sweet roll biscuit. Ice cream dragée powder.