Implicit & Explicit Costs

It’s time again to explore this week’s session with your colleagues! Select a relevant microeconomics industry of your choice in the region in which you reside. Differentiate between the firm’s implicit and explicit cost and discuss the firm’s variable and fixed costs. For your chosen industry please express whether your firm is economically viable or not. Is your firm profitable? Do they have an optimistic or uncertain outlook for the near future?

Locate a recent article or event (published within the last year) that highlights your relevant microeconomics topic. Use the Hunt Library, newspapers, new stations, or other credible sources to discuss how your topic aligns with microeconomics. Include the following in your discussion:

  • State the article or event you selected.
  • Identify the microeconomic concept(s).
  • Describe your findings.
  • Analyze the relevance to real-life applications.

Summarize your findings using at least 250 words and provide a minimum of one reference. Use current APA formatting to document your sources.

Post & Respond

Post your findings by the third day of the module week. Return by the sixth day of the module week to review your classmates’ posts. Respond to at least two of your peers. Your response should be at least one paragraph, two to three sentences in length, and include the following.

  • Whether you agree or disagree with the findings and why
  • A probing question that facilitates further discussion of the topic

Review the Discussion Rubric for detailed grading instructions.