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DQ2 - Essay Example

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The society combines a number of resources to develop a specific product while it forgoes all other alternative options to utilize the same resources…
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Download file to see previous pages The payments made to the suppliers of resources are expressed and revealed (explicit) or are present but not clear (implicit). Therefore a firm incurs both implicit and explicit costs while producing products.
Explicit costs of the firm are the cash expenditures or monetary payments made to the suppliers who provide materials, labor services, fuel, transportation services and other similar requirements. These monetary payments are made for using the resources owned by suppliers. Implicit costs of the firm are the opportunity costs incurred for using the firm’s self employed and self owned resources. Implicit costs are the monetary payments the self owned and self employed resources may have otherwise earned through their best alternative utilization.
Economists does not use the same cost data as accountants use because economists include both implicit costs and explicit costs related to production and also include normal profit which is necessary to acquire and retain resources for a particular line of production. Economists view economic costs as the opportunity cost of resources utilized whether it is owned by the firm or others (McConnell 2005 p.155).
Accountants on the other hand consider profits as the balance of revenue after deducting accounting costs (or explicit costs) only. For the economists, economic cost (explicit and implicit costs including normal profit to producer) reduced from total revenue is the economic profit (McConnell 2005 p.156).
Changes in demand, supply and equilibrium occur due to fluctuations in customer income, tastes or changes in customer expectation or the changes in the price of related products. Changes in supply occur as a result of changes in the price of resources, taxes or technology. These changes can have an effect on the equilibrium of price and quantity (McConnel, Brue & Campbell 2004 p.50).
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