Discussion: Implicit & Explicit Costs
It’s time again to explore this week’s session with your colleagues! Select a relevant microeconomics industry of your choice in the region in which you reside.
Differentiate between the firm’s implicit and explicit cost and discuss the firm’s variable and fixed costs.
For your chosen industry express whether your firm is economically viable or not. Is your firm profitable? Do they have an optimistic or uncertain outlook for the near future?
Locate a recent article or event (published within the last year) that highlights your relevant microeconomics topic.
Use the Hunt Library, newspapers, new stations, or other credible sources to discuss how your topic aligns with microeconomics. Include the following in your discussion:
State the article or event you selected.
Identify the microeconomic concept(s).
Describe your findings.
Analyze the relevance to real-life applications.
Summarize your findings using at least 250 words and provide a minimum of one reference. Use current APA formatting to document your sources.