Much of economics is focused on defining costs and distinguishing between implicit and explicit costs. Considering this please respond to the following: Think of a company, and its industry, and give an example of an implicit cost for that company. With the implicit cost identified explain why, or why not, the cost needs to be considered. Are there any benefits to the cost identified? Are there any disadvantages? Explain. If necessary, complete additional research to support your ideas on this topic. What additional costs might need to be considered? Suggest reasons why the example of an implicit cost would not have to be considered. Include at least one open-ended question in your response that you would like your peer(s) to respond to.
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