Asked by
Tumee Baatarjav
on Oct 25, 2024
Verified
Part of the explicit cost of owning a restaurant is rent paid for the kitchen equipment.
Explicit Cost
Direct payment made to others in the course of running a business, such as wages, rent, and materials.
Kitchen Equipment
Tools and appliances used in a kitchen for the preparation and cooking of food.
- Separate the concepts of explicit and implicit costs and appreciate their significance in the interpretation of economic and accounting profitability.
Verified Answer
EL
Learning Objectives
- Separate the concepts of explicit and implicit costs and appreciate their significance in the interpretation of economic and accounting profitability.
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