lecture 11

lecture 11 - Explicit vs. Implicit Cost What does owning a...

Info iconThis preview shows page 1. Sign up to view the full content.

View Full Document Right Arrow Icon
How much does that cost? Can you compare “costs” vs. “benefits”? Economic Cost – the highest valued opportunity forgone Accounting vs. Economic Cost Economic costs include implicit (opportunity) costs
Background image of page 1
This is the end of the preview. Sign up to access the rest of the document.

Unformatted text preview: Explicit vs. Implicit Cost What does owning a Rembrandt cost? What does your education cost? Newcomb South meeting hall Friday at 6 pm M IT Nobel laureate...
View Full Document

Ask a homework question - tutors are online