It takes your body around 1 hour to process 1 Unit of Alcohol, so that's about half a pint of beer or one 25 ml shot or 2/3 of a 125 ml glass of wine. That number is for people with a healthy liver.
The following are the major differences between explicit cost and implicit cost. 1  Explicit Cost is incurred when the entity has to pay for the utilisation of factors of production. Implicit Cost is the opportunity cost, which is incurred when the entity uses the ownerâs resources like capital inventory etc.
Share this set. Total revenue equals the quantity of output the firm produces times the price at which it sells its output. Wages and salaries paid to workers are an example of implicit costs of production. If total revenue is $100, explicit costs are $50, and implicit costs are $30, then accounting profit equals $50. If there are implicit costs of production, accounting profits will exceed economic profits. When a production function gets flatter, the marginal product is increasing.