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SOLVED: 5. Distinguish between explicit and implicit costs, giving examples of each. What are the explicit and implicit costs of attending college? Why does the economist classify normal profit as a cost? Is economic profit a cost of production? 6. What is a sunk cost? Provide an example of a sunk cost other than one found in the text. Why are such costs irrelevant in making decisions about future actions?

SOLVED: 5. Distinguish between explicit and implicit costs, giving …

Explicit vs. Implicit - SlideServe

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