Pete owns a shoe-shine business. which of the following costs would be implicit costs? i. shoe polishii. rent on the shoe standiii. wages pete could earn delivering newspapersiv. interest that pete's money was earning before he spent his savings to set up the shoeshine businessa. (i) and (ii) onlyb. (iv) onlyc. (iii) and (iv) onlyd. (i), (ii), (iii), and (iv)

The correct answer is option C.

Explanation:

The implicit cost is that cost which has already been incurred. It exists without the exchange of money and is not recorded for accounting purpose. Implicit cost in the production process is the opportunity cost involved.

The opportunity cost is the benefit sacrificed on choosing other alternative.

Here, the cost of shoe polish is explicit cost. The rent is a fixed and explicit cost.

The wages earned from other job is opportunity cost. Similarly, interest rate from saving also represents opportunity cost.

So, option C is the correct answer.

a

explanation:

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