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Stephanie Groves
1. Explain why economic costs include both explicit costs and implicit costs. 2. Explain the concept of opportunity cost as related to the doctor in the Khan Academy video who gave up his profession to open a business. . !hat other factors do you thin" the doctor may have considered when he decided to leave his profession to open a business#
1. Explicit costs repr represent esent those that re$uire re$uire cash cash or money and are easily accounted for% such as rent. &mplicit costs do not involve cash transactions are harder to account for% such as the time spent on one pro'ect compared to another. &n a business% explicit costs are those monetary payments made to purchase resources resources that it does not own. &mplicit costs are the opportunity costs of using the resour resources ces that a (rm already owns to ma"e the (rm)s own product. *ue to scarcity% (rms must pay to obtain resources. All the resources that a (rm uses creates opportunity costs and therefor therefore e economic costs. +herefore% +herefor e% both explicit and implicit implicit costs compose economic economic costs. ,
2. -pportunit -pportunity y cost is the the loss of potenti potential al gain from from other other alternatives when one alternative is chosen. +he video uses the example of buying a 2 million property that depreciates in value to 1./ m over the course of a year. +he opportunity cost is 100 000 of not selling the building a year ago. Additionally% the 2 could have been used to invest in other opportunities. +he opportunity cost of capital was not investing the money elsewhere which may have resulted in a return.. +he example used was initially investing the 2 that return resulted in a 3 return which would amount to 100 000. +herefore% +herefor e% the opportunity cost cost of capital is 100 000.
3.
+he doctor was most most li"ely not only considering considering economic factors when deciding to open the restaurant. 4or example% example% he
may en'oy the hours at the restaurant more% have a interest in the food industry or to prefer to wor" for himself.
