Implicit and explicit costs are different in that:
1) explicit costs are opportunity costs; implicit costs are not.
2) implicit costs are opportunity costs; explicit costs are not.
3) the latter refer to nonexpenditure costs and the former to monetary payments.
4) the former refer to nonexpenditure costs and the latter to monetary payments.

hi,

henry is an economist and wants to understand the relationship between inflation and consumer spending habits. for his research, he needs the consumer price index for 2014 and the inflation rate. based on the prices of goods given, what will he find to be the cpi and inflation rate for 2014? assume that a consumer’s basket for three consecutive years consists of the following:

you dont privide answer choices.

answer - 15% of a inflatation rate is 15% less in cpi

answer; marketing resource management;

answer; only identify and interpret trends in the marketplace;