Business Microeconomics: Essay On Costs, Profit, Scale.

Describe about the Business Microeconomics for Implict and Explict Costs.
Explain the difference between implicit and explicit costs. Give two examples of when an explicit cost is different from an implicit cost.
Implicit cost refers to the expense which has already been incurred but has not been recorded as a separate expense. Implicit costs are not incurred directly by the company meaning that they are implied as no cash payment is inv…