explicit cost?

Answer 1

Er, what exactly is your question? What is explicit cost? Well, an explcit cost is something you actually pay for. The opposite is an implicit cost that you incur by foregoing something else.

For example, you want to quit your job and start your own business. You figure, you will need $10,000 in starting capital. This $10,000 is your explicit cost of starting your business. The implicit costs will include loss of wages and related benefits, including health insurance.

Answer 2

- Where everything is taken into consideration like - parts, labor, travel, and all other expenses is actually shown in the cost, not just merely implied or hidden.