Explicit and implicit cost explain with daily life example

1.	Explicit and implicit cost explain with daily life example
Answer» A farmer takes rent & carries on farming with family member? ANS : FARMER TAKES RENT IS A EXPLICT COST AND CARRIES ON FARMING WITH FAMILY IS IMPLICT COST.<br>Explicit cost is that cause which is paid by the form to all outsider other than owner for example electricity bill salary to Staff Implicit cost is that costs paid by the form to the owner of the form for his efforts is building and his Finance

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