Economics - Reflective assessment 2

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QUESTION 1

  1. Why is it important to differentiate between explicit and implicit cost?    1 Mark
  2. Classify the following costs as explicit or implicit.  Explain your answer
  • Nike spent 1 billion on advertising expenditure
  • Jims Transport spent 5000 of fuel
  • BHP paid interest on company issued bonds
  • Rio Tinto spent 200 million on executive salaries.      0.5 * 4 = 2 Marks

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