PRODUCTION AND ITS COSTS. Principles of Microeconomic Theory, ECO 284 John Eastwood CBA 213 523-7353 e-mail address: John.Eastwood@nau.edu http://jan.ucc.nau.edu/~jde. ALL ABOUT COSTS. Explicit and Implicit Costs Accounting Profit and Economic Profit Sunk Costs.
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An explicit cost is incurred when an actual monetary payment is made.
Implicit costs are the value of the resources used in the production of a good for which no monetary payment is made.
TFC, TC, AFC, and ATC up.
TVC, TC, AVC, ATC, and MC up.