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Implicit costs are measured by

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Implicit costs are measured by

Implicit costs are measured by

• the value of the next-best alternative uses of inputs.

• the lowest value of all alternative uses of inputs.

• actual expenses paid by a firm.

• total revenues minus total costs.

Textbook

Economics Today: The Micro View

Edition: 19^th

Author: Miller

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Izzydhindsa Author

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Exactly what I needed for my project, TYSM

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