Arjun quit his job in an MNC and opened up a shoe shop with his savings. His implicit cost is .

Cost of Shop Setup

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Cost of Inputs

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Income from Job

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Wages to Salesmen

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Solution

The correct option is C Income from Job
Implicit costs are costs of self-owned or self-supplied resources and opportunity costs. The income from his job at the MNC is the income he has foregone and that is the implicit cost.

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Arjun quit his job in an MNC and opened up a shoe shop with his savings. His implicit cost is .

The correct option is C Income from JobImplicit costs are costs of self-owned or self-supplied resources and opportunity costs. The income from his job at the MNC is the income he has foregone and that is the implicit cost.

The correct option is C Income from Job
Implicit costs are costs of self-owned or self-supplied resources and opportunity costs. The income from his job at the MNC is the income he has foregone and that is the implicit cost.