Final answer:
Implicit costs, also known as imputed costs, reflect the opportunity cost of using resources, while marginal cost is the extra cost of producing each additional unit of output.
Explanation:
Implicit costs are also known as imputed costs and represent the opportunity cost of using resources that the firm already owns. They include the depreciation of goods, materials, and equipment necessary for a company to operate.
Implicit costs are the foregone benefits from the next best alternative, such as the loss of income from not renting out space owned by the business.
When analyzing costs in economics, marginal cost is the extra cost incurred by producing one more unit of output, providing insights for firms to make production decisions based on these costs.
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