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erial Economics 13 Economic Cost of Resources ? Opportunity cost of using any resource is: ? What firm owners must give up to use the resource ? Marketsupplied resources ? Owned by others amp。 ownersupplied resources ? Explicit Costs ? Moary payments to owners of marketsupplied resources ? Implicit Costs ? Nonmoary opportunity costs of using ownersupplied resources Managerial Economics 15 Economic Cost of Using Resources (Figure ) Explicit CostsofMarketSupplied ResourcesThe moary payments to resource ownersTotal Economic CostThe total opportunity costs of both kinds of resourcesImplicit CostsofOwnerSupplied ResourcesThe returns fone by not takingthe owners?resources to market+ = Managerial Economics 16 Types of Implicit Costs ? Opportunity cost of cash provided by owners ? Equity capital ? Opportunity cost of using land or capital owned by the firm ? Opportunity cost of owner’s time spent managing or working for the firm Managerial Economics 17 Economic Profit ve