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A Producer Borrows Money to Run a Business but Manages the Business Himself. Identify Implicit Cost. - CBSE (Arts) Class 12 - Economics

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Question

A producer borrows money to run a business but manages the business himself. Identify implicit cost.

Solution

Implicit cost is the value of self-owned inputs in their next best alternative use. Here, the producer managing his own business activity is the implicit cost.

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Solution A Producer Borrows Money to Run a Business but Manages the Business Himself. Identify Implicit Cost. Concept: Basic Concepts of Cost.
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