For each of the costs listed below, identify whether it is an explicit or implicit cost to a firm. Which costs would be subtracted from a firm’s total revenue to calculate economic profit, and which to calculate accounting profit?a. hourly wages to the firm’s employeesb. depreciation of the firm’s physical assetsc. the risk-free 2 percent return the firm’s owners could receive on their financial capital instead of investing it in the firmd. annual rental payments for a production facilitye. the additional wages the owner/manager could have received in alternative employmentf. the risk premium of 3 percent that the owners of the firm could earn on their financial capital if they invested it in an equally risky venture
For each of the costs listed below, identify whether it is an explicit or implicit cost to a firm. Which costs would be subtracted from a firm’s”
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