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13 March, 02:47

Include only payments to workers and lenders. Represent actual monetary payments made for resources used to produce a good such as oil. Are the costs to produce a good or service for which no direct payment is made. Are the total opportunity costs of resources and inputs used to produce a good

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  1. 13 March, 05:20
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    Implicit costs are the costs to produce a good or service for which no direct payment is made

    Explanation:

    Implicit cost is the opportunity cost to produce goods and services. Therefore, there is no direct payment involves the implicit cost. It is a cost which a firm or organisation must give up to take up another project. So, no direct payment is involved, it is just an opportunity cost of taking up some other project.
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