Identify implicit or explicit cost from the information given below. (i) An individual is both the owner and manager of the shop taken on rent. (ii) A producer borrows money and starts a business. He himself looks after the business. (iii) A manufacturer starts a business by investing his own savings and hiring the labour. (iv) A producer produces foodgrains using a farm taken on rent and with the help of family members.

Identify implicit or explicit cost from the information given below.

1.	Identify implicit or explicit cost from the information given below. (i) An individual is both the owner and manager of the shop taken on rent. (ii) A producer borrows money and starts a business. He himself looks after the business. (iii) A manufacturer starts a business by investing his own savings and hiring the labour. (iv) A producer produces foodgrains using a farm taken on rent and with the help of family members.
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