Respond to both statements with a minimum of 110 words each: 1) Why are implicit costs so difficult to measure? What is the challenge of trying define an implicit cost numerically? 2) Time we spend on doing something, like driving or finishing a project, is an example of an implicit cost. However, the value of that time is not the same for us throughout the day. Class, how do we measure the value of our time? How can we valuate time correctly? What does everyone think?
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