What is implicit cost example?

What is implicit cost example?

Examples of implicit costs include the loss of interest income on funds and the depreciation of machinery for a capital project. They may also be intangible costs that are not easily accounted for, including when an owner allocates time toward the maintenance of a company, rather than using those hours elsewhere.

What is a letter of extenuating circumstances?

The letter should explain clearly what happened, why it happened, what the outcomes were, and, if applicable, what precautions or measures the applicant has taken or will take to ensure that the issue will have no further impact on the applicant’s academic performance.

Why is MC supply curve?

The marginal cost curve is a supply curve only because a perfectly competitive firm equates price with marginal cost. This happens only because price is equal to marginal revenue for a perfectly competitive firm.

What is an example of implicit learning?

Implicit learning is the learning of complex information in an incidental manner, without awareness of what has been learned. Examples from daily life, like learning how to ride a bicycle or how to swim, are cited as demonstrations of the nature of implicit learning and its mechanism.

What is the meaning of marginal?

adjective. pertaining to a margin. situated on the border or edge. at the outer or lower limits; minimal for requirements; almost insufficient: marginal subsistence; marginal ability. written or printed in the margin of a page: a marginal note.

What is the opposite of extenuating?

Opposite of that lessens the seriousness of something by providing an excuse. aggravating. magnifying. annoying.

What is the best definition of marginal?

What is the best definition of marginal cost? the price of producing one additional unit of a good.

How are implicit costs calculated?

Implicit costs are more subtle, but just as important. It means total revenue minus explicit costs—the difference between dollars brought in and dollars paid out. Economic profit is total revenue minus total cost, including both explicit and implicit costs.

What are extenuating factors?

A situation or condition that provides an excuse for an action, as in Although Nancy missed three crucial rehearsals, there were extenuating circumstances, so she was not dismissed.

What does it mean if something is implicit?

Use the adjective implicit when you mean that something is understood but not clearly stated. But the adjective implicit also means “complete without any doubt,” so we can say that we have implicit trust or confidence in someone.

What is an example of implicit?

The definition of implicit refers to something that is suggested or implied but not ever clearly said. An example of implicit is when your wife gives you a dirty look when you drop your socks on the floor. Without reservation or doubt; unquestioning; absolute. Having no doubts or reservations; unquestioning.

Which is an example of an implicit memory?

Some examples of implicit memory include singing a familiar song, typing on your computer keyboard, and brushing your teeth. Riding a bike is another example.

What is a marginal place?

Marginal land is land that has little or no agricultural or industrial value. Marginal land has little potential for profit and often has poor soil or other undesirable characteristics. This type of land is often located at the edge of deserts or other desolate areas.

What’s another word for extenuating?

Extenuating Synonyms – WordHippo Thesaurus….What is another word for extenuating?

mitigating justifying
moderating qualifying
diminishing exculpatory
excusing exonerative
justificatory lessening

Is driving a car implicit memory?

Once a person has learned how to ride a bike, repeated riding is implicit memory. For experienced drivers, driving a car is an example of implicit memory. The driver of the car drives without conjuring up each task that is necessary to be completed while driving.

Is emotional memory implicit?

memory for events that evoke an emotional response. Emotional memories can be either implicit (nonconscious) or explicit (conscious). In contrast, encoding of explicit emotional memories involves the cortical regions of the limbic system, such as the hippocampus. …

What is a extenuating circumstance?

Extenuating Circumstances (ECs) is a phrase which is used to describe serious and exceptional factors outside your control which adversely affected your performance during your study.

Can you get a loan after foreclosure?

To qualify for a loan that the Federal Housing Administration (FHA) insures, you must wait at least three years after a foreclosure. The three-year clock starts ticking from when the foreclosure case has ended, usually from the date that your prior home was sold in the foreclosure proceeding.

What is marginal cost and average cost?

Average and Marginal Cost. Marginal cost is the change in total cost when another unit is produced; average cost is the total cost divided by the number of goods produced.

Is depreciation an implicit cost?

Implicit costs also include the depreciation of goods, materials, and equipment that are necessary for a company to operate. (See the Work It Out feature for an extended example.) These two definitions of cost are important for distinguishing between two conceptions of profit, accounting profit, and economic profit.

Is divorce an extenuating circumstance?

While divorce is not considered an extenuating circumstance because FHA loans can be manually underwritten, an exception may be granted where a borrower’s loan was current at the time of his/her divorce, the ex-spouse received the property, and the loan was later foreclosed.

What is implicit memory also called?

Implicit memory is also called non-declarative memory, motor memory or procedural memory, and it cannot be described in words.

What is implicit memory in psychology?

Implicit memory is a form of long-term memory that doesn’t require any conscious retrieval. There are several types of implicit memory, including procedural memory, priming, and conditioning.

What does the term marginal cost mean?

In economics, the marginal cost of production is the change in total production cost that comes from making or producing one additional unit. To calculate marginal cost, divide the change in production costs by the change in quantity.

Is pregnancy an extenuating circumstance?

Extenuating Circumstances Pregnancy itself is not an extenuating circumstance, but there may be circumstances where pregnancy-related issues e.g. medical conditions associated with the pregnancy impact on your studies/assessment.

What is implicit and explicit?

When talking about writing, “explicit” means something that is stated plainly, while “implicit” refers to something that is implied and not stated directly. Let’s start by looking at explicit information in writing. Explicit information is clearly stated, leaving nothing implied.

What does extenuating mean?

: tending to lessen the real or apparent seriousness of something (such as a crime, offense, or fault) : providing a partial justification or excuse for something …

What are extenuating circumstances for Fannie Mae?

Fannie Mae defines extenuating circumstances as “nonrecurring events that are beyond the borrower’s control that result in a sudden, significant, and prolonged reduction in income or a catastrophic increase in financial obligations.” This might include job loss, divorce, illness, or the death of a wage earner.