Angus works as a dairy farmer and loves his work. however, because the dairy business has not been doing well lately, angus is considering

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Angus works as a dairy farmer and loves his job. However, due to the recent downturn in the dairy business, he is considering a career change. He could work as a technician at the local dairy plant, earning $27,000 per year. Angus decides to list the costs associated with staying in business as a farmer and asks for your help in classifying each of these costs as explicit or implicit.
Explicit costs include:
- The wages he pays to his hired hand
- The feed he buys for his cows
- The gas he uses for his farm truck
- The cost of veterinary services
Implicit costs include:
- The time it takes him to milk all of his cows
- The $27,000 annual salary he would receive from working at the dairy plant instead of farming
- The care he provides for his cows
Could you please help classify each of Angus's costs as explicit or implicit?

Anonymous · Accepted Answer

A) the wage he pays to his hired hand. EXPLICIT COSTB) the feed he buys for his cows. EXPLICIT COSTC) the gas he uses for his farm truck. EXPLICIT COSTD) the cost of veterinary care for his cows. EXPLICIT COST E) the time it takes him to milk all of his cows. IMPLICIT COSTF) the $27,000 annual salary he would receive from working at the dairy plant. IMPLICIT COSTExplanation:Opportunity costs are the costs incurred (or benefits lost) from choosing one alternative activity or investment over another. Explicit costs = accounting costs, or costs that you must pay for in money.

Anonymous · Answer

Angus's costs as explicit or implicit are given below Explanation:solutionExplicit costExplicit cost is  required the outlay of the money and explicit cost involvement is following (a) wage they pay to his hired hand(b) feed they buys for his cows(c) gas they using for their farm truck(4) cost of veterinary careand Implicit cost is measure by value of benefit foregone and Implicit cost involvement is following(a) it take him to milk of all cow(b) $27000 per year salary is receive from work at dairy

Anonymous

Angus works as a dairy farmer and loves his work. however, because the dairy business has not been doing well lately, angus is considering

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