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A farmer invests his own saving in doing farmings but hires labour to do work. Identify implicit cost.
Define cost. State the behaviour of (a) Total Fixed Cost and (b) Total Variable Cost as output is increased.
An individual is both the owner and the manager of a shop taken on rent. Identify implicit cost and explicit cost from this information. Explain
A producer starts the business in the building owned by him and borrows money for running it. Identify implicit cost.