Suppose you decide to open a new ice cream business, called, “I-LOVE-ICE-CREAM” in Riverside, California. What are (1) explicits and (2) implicit costs incurred, as you open and run this business? (Hint: Please refer to p. 288 of Sexton (2016) to understand the definition of explicit and implicit costs)
Sexton, R. (2016). Exploring Economics (7th Edition), Ohio: South-Western, Cengage Learning
ISBN-10: 128585943X
ISBN-13: 978-1-285-85943-9
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