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MICROECONOMICS CH : 8 CONCEPTS OF COST — Economics STD 11 Commerce — Question

CBSE BoardEnglish MediumSTD 11 CommerceEconomicsMICROECONOMICS CH : 8 CONCEPTS OF COST1 Mark
Question
What is meant by implicit costs?
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Answer

Implicit costs are imputed (estimated) costs of self-owned and self-employed resources.
Example: (i) Interest on entrepreneur's own capital, (ii) Rent on entrepreneur's own land used in business

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